Loan Modification F.A.Q?

How low can my interest rate go? Treasury is providing incentives to your investor to write the interest down to as low as 2% if necessary to get you to a payment that you can afford based on your income.

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My loan is scheduled for foreclosure soon. What should I do? Many servicers have made a commitment to postpone foreclosure sales on all mortgages that meet the minimum eligibility criteria for a Home Affordable Modification until those loans can be fully evaluated.

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Who is my loan servicer? Is that the same as my lender or investor? Your loan servicer is the financial institution that collects your monthly mortgage payments and has responsibility for the management and accounting of your loan. Your servicer may also be your lender, which means they own your loan, however, many loans are owned by groups of investors. Traditionally, banks used money deposited in customers savings accounts to make loans. They held the loans, earning the interest as borrowers repaid over time. Banks were thus limited in the number of loans they could make because they had to wait to make new ones until savings deposits grew or existing borrowers repaid their loans. Many families who wanted to own a home were unable to do so because there was not a steady supply of money to lend. Over time, banks started to turn loans into cash by pooling large groups of loans together to create mortgage backed securities that could be sold to investors such as pension funds and hedge funds. The investors get the right to collect future payments and the bank gets cash that it can use to make more loans. Investors hire loan servicers to collect payments and interact with customers.

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What exactly can you do for me? Process the necessary documentation in conjunction with you the client on your behalf achieve a loan modification from your existing mortgage lender.

Stay in constant contact with lending institutions to acquire necessary documentation to assist in processing modifications

Obtain and supply necessary documentation to the bank to process a loan modification request. These documents are; tax returns, pay stubs, w-2s, profit & loss statements, mortgage statements, utility bills, and other specific financial documentation. (We can gather your last two years of all tax documentation within 24hrs)

We will assist you in filling out your expense worksheet that outlines your everyday expenditures.

Once we receive all documentation we assemble your package to be sent to your lender.

The package that is submitted to the bank is professionally prepared with all calculations verified by a qualified underwriter. The file is placed in a specific stacking order and is submitted to the bank by both FedEx and via facsimile. (this is usually a 50-150 page package depending on the specific lender)

We then verify with your bank that they received your file via FedEx

Confirm estimated turn around times with your specific lender

Answer any questions regarding submitted documents.

Create your assisted modification packet that includes all necessary documentation and critical answers to questions specific to your modification

Provide 90-days of support to answer any questions encountered during your modification process.

Learning About Home Loan Modifications

We have over 60 years experience in an array of real estate, mortgage, and accounting environments. Our staff of professionals is extremely knowledgeable. Richmond Results is your source for your document preparation needs. FAQ?