Tuesday

Are You A Candidate For A Citimortgage Loan Modification?

Citimortgage, a servicer for Citibank is one of six Banks recently approved by Home Affordable Loan Modification Program. Citimortgage can now "aggressively" go after homeowners to process loan modifications. The new program being administered by the federal government now takes a new turn to increase the success rate for homeowners through the Obama Administration. Your chances of being granted the request of a Citimortgage Loan Modification are now much greater today. You can learn what steps to take with Citimortgage to get approved.

With stories of homeowners each day being denied you can now look to get some resolution through the Home Affordable Loan Modification Program, which finally brings to the home owner a legitimate chance to get mortgage payment relief. So, if you are Struggling Financially, or in Foreclosure, even behind on your payments you may qualify for a Citimortgage Loan Modification and get help. The Treasury Department has finalized approval for 6 lenders on the Home Affordable loan modification program. Other banks that have been approved include Saxon Mortgage, Wells Fargo (Wachovia), Chase (J.P. Morgan-EMC, & Washington Mutual.
It is predicted that many more banks will be soon approved. Ocwen Financial Group is the next lender on the list to soon be approved. The Home Affordable Loan Modification Program is offering $9 Billion in incentives to both homeowners and banks, so there is something in it for both parties.

Before you start to call your lender their are some very important steps you will need to take to make sure you qualify and ensure your chances of success.

Citimortgage and Citibank are bound by the agreements they signed that mandate they offer the federal plan to every homeowner who requests consideration. So even if you have already applied or been turned down, you may now ask to be reviewed for this federally subsidized program. If you answer yes to these questions, you could qualify to get assistance.

1. Do you live in your home as your primary residence?
2. Did you get your loan before January 1, 2009?
3. Do you owe less than $729,750 on your mortgage?
4. Does your current monthly payment exceed 31% of your gross monthly income? (including taxes, insurance and homeowners dues)

Not every homeowner will qualify but you can dramatically improve your chances buy taking the time to get the 60 Minutes Loan Modification Do It Yourself program that will educate you about the process to get your Citimortgage loan modification approved by someone who has already had success. The 60 Minute Loan Modification is a proven system. Download Today!
  1. Do you know how to complete your Citimortgage loan modification application correctly?
  2. Do you understand how to meet the debt ratio of 31%?
  3. Do you know how to prepare your financial statements the right way?
  4. Does your hardship letter tell your story in a moving way?
If you are needing to get more of your questions answered click here! to listen in to a live teleconference call on those who have already had success and share their secrets to getting your loan modification request granted!

Sunday

Do It Yourself Loan Modification Vs Legal Modification, which is best?

Today's post aims at equipping you with the necessary information in order to determine the best loan modification process for you. It is not expected that the homeowner automatically have the experience and knowledge to be able to understand the loan modification process, but if you are going to "Do It Yourself" or "Consult Legal Aid" you need to know what your up against! "Lets Weigh Some Things"

What are the benefits and disadvantages of doing your own loan Modification?
Benefit: Instant out of pocket savings! (Most homeowners love this benefit)
Disadvantage: You get what you pay for!

Benefit: You get to represent yourself! (You know your situation better than anyone else)
Disadvantage: You representing yourself! (No experience, mistakes can and probably will occur)

Benefit: There is Government assistance available, here is one such site that will help you Click Here!
Disadvantage: Working with the Government can be cumbersome and will mean time on the phone. (Avarage time spent is a minimum of 3 hours)


Benefit: You will receive a hands-on education that will enable you to help others and even earn an extra income!
Disadvantage: There will be an educational curve, are you you willing to put for the time required?

The Legal Loan Modification makes use of the services of a Law Firm giving you professional representation. For the purposes of this article we are not referring to a loan Modification Company, but rather an actual Attorney.



What are the benefits and disadvantages of using Legal Representation for a Loan modification?

Benefit: Professional representation is well versed in all your rights and familiar with the process to get the ball rolling on your behalf with your lender.
Disadvantage: Pricey (usually averages around $3,000 or more)

Benefit: When your lender receives a Letter from your Attorney on Letterhead your request for a Loan Modification gets expedited! (does not get thrown in a stack, but has a time frame that the lender must act within)
Disadvantage: None

Benefit: The Attorney knows what will get your request done, (usually by use of legal loopholes)
Disadvantage: Not always a Guarantee!

Benefit: You free up your time and experience no headaches in dealing with the lender and if a foreclosure stop is necessary the attorney can execute it.
Disadvantage: None

As you can see by weighing some of your options that each method has it's ups and downs, but if you can afford it, the use of a Legal firm has more benefits than doing it yourself. However their has been success on both sides. It boils down to your pocket book and your present circumstances? Their are various DIY "Do It Yourself" Kits That will assist you step-by-step through the whole process, one such Kit that I recommend is here called "The 60-Minute Loan Modification" Click Here!


The Legal Loan Modification Process gives the piece of mind that your request is actually being worked on to some extent. You should inquire when choosing a legal Loan Modification as to the success rate of the firm that you are looking at and get testimonials. I recommend this site to get a Free Consultation! for Legal Assistance.


Tips on how to write a Hardship Letter that gets approved!

Know what it takes and what lenders look for in a Hardship Letter

The "Hardship Letter" is a very crucial element of the Hardship Package that will tell the lender your story. Keep to the facts when writing about your financial situation which lead to a hardship in your household. Begin by compiling all data that is backed by evidence to begin your letter outline. Here are some examples to help you get started of hardships that may be considered by your mortgage lender:

  • Marital Separation
  • Military Duty
  • Reduced Income
  • Death of Spouse or Co-Borrower
  • Incarceration
  • Divorce
  • Medical Bills
  • Damage to Property (natural disaster or unnatural)
  • Adjustable Rate Mortgage
  • Loss of Job
  • Illness

  • ( See our Guide for easy sample hardship letters
    Click Here)


    Tip #1. In the subject line let the loss mitigator know what you are requesting. (to renegotiate the terms of your mortgage, laying out favorable perameters)


    Tip #2. Give an explanation as to why you are not able to make your mortgage payments and why you have fallen behind. (Tell your Story!)


    Tip #3. Express appreciation in your hardship letter for the reader! Remember: that the Loss Mitigator is the person who is charged with reading all Hardship letters and you want to stand out above many to leave a positive impression.

    Tip#4. Keep your hardship letter brief and to the point, no more than one page. (Make use of exhibits to other documents as to reference the facts to keep your letter short.)



    Remember that a hardship letter is something that most mortgage companies will require. Why should you spend so much time on a loan modification hardship letter?

    Think of it this way: A loss mitigator for a bank is probably tasked with a two to three hundred cases. Just imagine reading that many financial hardship letters. It’s a daunting task and so for you to get quick results and not be mired in with a few hundred possibilities you have to make you financial hardship letter rise above the pack. Knowing the right ways (and wrong ways) to write a loan modification hardship letter can make a big difference in convincing a mortgage lender to modify your loan.


    Still have questions? get step by step
    instructions with the “Ultimate Guide To Easy Hardship Letters Click HERE









    Saturday

    6 - Tips for Negotiating a Loan Modification Successfully




    Whether it be Banks or Lenders these lending institutions are impartial when it comes to your emotional request to get help with your mortgage when requesting a Loan Modification. So here are "6- Tips for Negotiating a Loan Modification Successfully" These 6-tips will ensure your success in being able to obtain the best possible Loan Modification terms.

    #1. Know what you want and need?

    This may be obvious to you, but will not be apparent to your lender. So you must take steps to communicate this fact with documentation to back you up. "What Do You Want?", the first thing that your lender will ask when you call in is "Can I Help You?" be prepared to answer with your request for a Loan Modification. Do your homework! what rate is best and payment for your present financial situation? If you are not sure do not contact the lender, because they will dictate to you there solution which may not be what you really need.

    #2. Have a written proposal for your plan to pay off the loan

    business is business, think as if your are the Bank and you loaned out the money to one of your friends or family, you would respect the fact that when they ran into trouble they came to you with a written plan of action versus on their knees and begging or giving excuses. "People help people who want to help themselves".

    #3. If you think your employment income will increase ask for a forbearance or deferment.

    A forbearance is an agreement or arrangement to postpone your monthly payments for a specified time or period to give you time to get caught up.

    #4. If you have an ARM (Adjustable Rate Mortgage) have your documentation ready to backup your case.

    be ready to show and tell your story of how the ARM increase has impacted your house hold finances and caused Hardship. This is usually written out and expressed in the form of a "Hardship Letter" this will be included in your Loan Modification Packet that you receive from your lender. To receive this packet you must request it from your Lenders "Mitigation Department", not customer service representative.

    #5. When negotiating don't be confrontational

    Begin discussing your situation as a polite, prepared and well versed Attorney, leaving aside any frustration, which could hurt your case. remember "Attitude is Everything" especially when you desire favor and want others to accommodate your request.

    #6. Always have a plan B (a second option) for the lender

    Your documentation will be your only weapon of defense so make sure your case is air tight. Use every situation and circumstance to your advantage as you document the things that have set your household back financially and what you anticipate it will take for you to get back on feet. If you are not able to sell your lender on your (Plan A) then have a (Plan B) ready just in case.

    "Know that this is a great time to get a loan modification!"

    Here is a recent article taken from CNN's "Money & MAIN ST."

    55,000 helped by Obama mortgage rescue

    By Tami Luhby, CNNMoney.com senior writer
    Last Updated: May 14, 2009: 5:21 PM ET

    Servicers are adjusting loans under Obama's foreclosure prevention program. The administration is expanding the program to help those that don't qualify for a modification.

    NEW YORK (CNNMoney.com) -- More than 55,000 troubled homeowners have received loan modification offers under President Obama's foreclosure prevention program, officials said Thursday.

    The administration also announced it was expanding the $75 billion program to assist more troubled borrowers. The government will provide incentives for servicers and borrowers to avoid foreclosure using methods such as short sales.

    "These are critical steps in stemming the foreclosure crisis and stabilizing the housing market, both of which are critical to our economic recovery," said Treasury Secretary Tim Geithner.

    to view more of this article go to: http://money.cnn.com/2009/05/14/news/economy/Obama_foreclosure_update/index.htm?section=money_topstories

    Your Loan Modification Success all-in-all is a negotiating process!

    There is no substitute for preparation use your financial sense when compiling together all the facts pertaining to your household financial situation. Remember to tell your story in the form of a "Hardship Letter", and back it up with your financial data "Facts". These tips will equip you to defend your case like an Attorney who is prepared to WIN! Learn how to do your own loan modification in 60 minutes click here to find out more


    "Failing to plan is planning to fail"

    "Alan Lakein"