What do I need to give to my loan servicer if I am requesting a loan modification? | Civil Mortgage Loan Fraud Legal Resources

What do I need to give to my loan servicer if I am requesting a loan modification?

Fri, 06 Mar 2009 02:12:48 GMT

You are likely to need the following documents for your loan modification request:

· Recent paystubs or documentation of your monthly gross household income

· Your most recent income tax return

Does a loan modification reduce the amount of money that I owe on my mortgage loan?

Mon, 09 Mar 2009 00:47:24 GMT

Not usually. Most loan modification programs just changes the terms of your loan, not the amount that you owe. However, if you successfully participate in the loan modification program, you may be eligible to receive credits of up to $5,000.00 toward the principal balance on your loan from the government. Other programs, however, may provide for reduction of the principal amount due on your loan.

What is a loan modification, and how will it help me with my mortgage?

Fri, 06 Mar 2009 02:05:50 GMT

A loan modification occurs when a homeowner enters into an agreement with his or her mortgage loan servicer to change the terms of the mortgage. The goal of a loan modification is to lower monthly mortgage payments to a level that homeowners can better afford, thus decreasing the risk of foreclosure. Typically, loan modification programs are targeted at homeowners whose ability to afford their current mortgage payment has declined, either due to job loss, increased interest r

What is required of me to get a loan modification? Will it cost me anything?

Mon, 09 Mar 2009 00:43:12 GMT

Generally, you must contact your loan servicer about whether your mortgage loan is eligible for a loan modification under the Homeowner Affordability and Stability Plan. You should have your recent paystubs, income tax returns, and documentation of your debts available for your loan servicer to properly evaluate your loan for this program. Using the loan modification program will not cost anything; if there are any costs, such as appraisal fees, your loan servicer will add thos

What options does a creditor have after a borrower defaults?

Tue, 29 May 2007 20:19:00 GMT

There are a variety of legal mechanisms by which a creditor can assert the legal right to recover an unpaid debt. LawInfo Lead Counsel qualified real estate attorneys provide quality representation for banks, pension funds, insurance companies and other institutional lenders, and worked on all property types from singlefamily suburban land development to downtown office buildings in negotiated restructurings, bankruptcies and foreclosures of distressed investments. They are

Will I be ineligible for a loan modification under the Homeowner Affordability and Stability Plan if I am current in my mortgage payments?

Fri, 06 Mar 2009 02:21:17 GMT

No. You may still be eligible for a loan modification under the Homeowner Affordability and Stability Plan if you are current in your mortgage payments, but you are struggling to make those payments. For instance, if you have had a significant increase in your mortgage payment due to an adjustable interest rate, or if you have had a decrease in income, you may be eligible for a loan modification. If you meet the minimum eligibility requirements for a loan modification as outlined

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