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Category: Inspirational Current Grade: B Total Views: 168 Member Comments: 0 |
Posted on: 08/24/2009 Posted by: Loan Mod Expert Blog Points: 5 View all blogs >> |
From the desk of Art Fried…
RE: Loan Modifications in Phoenix, AZ
A loan modification, sometimes called a loan mod, is a permanent change to one or more of an existing home loan’s terms and/or conditions. For example a homeowner who fell behind on his/her payments due to a financial hardship may contact their lender and negotiate a new interest rate, a longer term, or even a principal balance reduction.
When a loan modification is requested, a lender will typically send out a small package with a return envelope so that all the necessary documents can be sent back correctly. This package includes the necessary documents needed to consider the eligibility of a loan modification.
These documents can be but not limited to:
1. A Hand Written Hardship Letter – Perhaps the most important document of all, this memento if you will, explains how and why you should be considered for a loan modification. Be sure you completely lay out what kept you from meeting your mortgage obligations and how you will be able to pay after the loan modification is complete.
Example: I bought my home at 123 Main Street, in August of 2005. At that time I was making over 70,000 per year and things were fine. Then in March of 2007 I suffered a heart attack. The medical bills were adding up. Two months later after missing so much work I lost my job due to the economy. I began paying my mortgage with the little savings I had. Finally, I sat down and figured I just can’t go on paying this monthly amount of $1,697 every month. Please consider either reducing my principal balance or lowering my interest rate permanently. Doing so will allow me to keep my home and my dignity. Thank you and God bless. Charles Teague, Phoenix, AZ 123 Main St.
2. A Financial Statement – Reveals all the assets and liabilities of the borrower. Income and assets such as your current job, vehicles owned, stocks and bonds shall all be listed. Liabilities such as your cell phone bill, electricity bill, water & sewer bill, even prescription drug costs and even food, gas, and entertainment.
*Never “fluff” the numbers hoping that they will side with your hardship even more. Remember you have to show that you can afford the modified payment and showing that you have money left over each month is a good thing.
3. Last 2 Years W-2’s – The last two years of returns you filed with your state and federal taxes.
4. Last 2 Bank Statements – Copies of your last 2 checking and savings account’s bank statements.
5. Last 2 Pay Stubs – Photo copies of your last 2 pay stubs from your employer(s).
Best regards,
Art Fried
602-795-5777
RE: Loan Modifications in Phoenix, AZ
A loan modification, sometimes called a loan mod, is a permanent change to one or more of an existing home loan’s terms and/or conditions. For example a homeowner who fell behind on his/her payments due to a financial hardship may contact their lender and negotiate a new interest rate, a longer term, or even a principal balance reduction.
When a loan modification is requested, a lender will typically send out a small package with a return envelope so that all the necessary documents can be sent back correctly. This package includes the necessary documents needed to consider the eligibility of a loan modification.
These documents can be but not limited to:
1. A Hand Written Hardship Letter – Perhaps the most important document of all, this memento if you will, explains how and why you should be considered for a loan modification. Be sure you completely lay out what kept you from meeting your mortgage obligations and how you will be able to pay after the loan modification is complete.
Example: I bought my home at 123 Main Street, in August of 2005. At that time I was making over 70,000 per year and things were fine. Then in March of 2007 I suffered a heart attack. The medical bills were adding up. Two months later after missing so much work I lost my job due to the economy. I began paying my mortgage with the little savings I had. Finally, I sat down and figured I just can’t go on paying this monthly amount of $1,697 every month. Please consider either reducing my principal balance or lowering my interest rate permanently. Doing so will allow me to keep my home and my dignity. Thank you and God bless. Charles Teague, Phoenix, AZ 123 Main St.
2. A Financial Statement – Reveals all the assets and liabilities of the borrower. Income and assets such as your current job, vehicles owned, stocks and bonds shall all be listed. Liabilities such as your cell phone bill, electricity bill, water & sewer bill, even prescription drug costs and even food, gas, and entertainment.
*Never “fluff” the numbers hoping that they will side with your hardship even more. Remember you have to show that you can afford the modified payment and showing that you have money left over each month is a good thing.
3. Last 2 Years W-2’s – The last two years of returns you filed with your state and federal taxes.
4. Last 2 Bank Statements – Copies of your last 2 checking and savings account’s bank statements.
5. Last 2 Pay Stubs – Photo copies of your last 2 pay stubs from your employer(s).
Best regards,
Art Fried
602-795-5777
http://www.YourLoanAdjusted.com
Your Loan Adjusted, LLC
“Effective bank negotiations for homeowners since 2003.”
3150 North 24th Street Ste B-100
Phoenix, AZ 85016
602-795-5777 ext 70
Your Loan Adjusted, LLC
“Effective bank negotiations for homeowners since 2003.”
3150 North 24th Street Ste B-100
Phoenix, AZ 85016
602-795-5777 ext 70
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