Friday, June 12, 2009

What does your lender look for in modifying your loan?

For questions, email Chuck Plake, E.A. at Plake Tax Service cplake@plakenet.com.

Don't pay an attorney big bucks to do what you can do. Applying for a loan modification is as simple as 1-2-3. Call the lender yourself.

Following are the main things the lender will apply your information to their guidelines in order to fit you in their options:
  • Repayment Plan: The lender may consider a payment plan that will fit your budget and possibly bring your account current by the end of the plan.

  • Loan Modification: The loan modification program may allow the terms of your loan to be adjusted and brought current.

  • Extension: This plan will provide a payment relief option to bring your account current by putting the past due amount on the end of the loan and allow you to continue making your monthly payment.

  • Homes Sales Program: If your home is listed for sale or you are thinking about listing your home with a realtor, the lender will work with your agent to help you resolve this issue in the best way possible.

Don't pay $1,000, $2,000 or $3,000 for something you can do. Do It Yourself!



Checkout the eBook and follow the guidelines: Loan Modification: Simple As 1-2-3.

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