Do It Yourself Loan Modification

Negotiate your own loan modification, you do not need to pay someone to submit paperwork on your behalf and charge you $1,000`s.

1. First you need to know and have clearly set in your mind that the banks are not here to help you.
2. You only get one chance to submit your financials the right way in order to qualify.
3. Payments will be considered at 31% of your gross monthly income.
4. A financial review of the household income and expenses to determine if surplus income is sufficient to meet the new modified mortgage payment, but insufficient to pay back the arrearage.
5. All borrowers must fully document income, including signed IRS 4506-T, two most recent pay stubs, and most recent tax return, and must sign an affidavit of financial hardship.
6. The modification sequence requires first reducing the interest rate (subject to a rate floor of 2%), then if necessary extending the term or amortization of the loan up to a maximum of 40 years, and then if necessary forbearing principal. Principal forgiveness or a Hope for Homeowners refinancing are acceptable alternatives.
7. The monthly payment includes principal, interest, taxes, insurance, flood insurance, homeowner’s association and/or condominium fees. Monthly income includes wages, salary, overtime, fees, commissions, tips, social security, pensions, and all other income.

If you have any questions regarding do it yourself loan modification, email me at RobertBenenati@365realtyinc.com and I will try to answer them as best I can. Good Luck!!