In 2009 I spent a lot of time with clients trying to figure if they’d qualify for a mortgage modification. In 2010 it takes me about 5 minutes and is nearly 100% accurate. That’s because the banks, in their rush to streamline, have become so very standardized and predictable.
I say standardizedThe Making Homes Affordable Program Guidelines have become the standards. All in-house programs are modeled after the MHA, although they are not nearly as rich and generally are even harder to get. But the guides are pretty universal.
I say predictable because the sheer numbers of applications has forced the banks to routinize everything – including erroneous rejections – to a point where it is pretty obvious to us veteran loan mod freaks.
Homeowners will get a mod if 1) they have a typical hardship, 2) their loan qualifies (non-jumbo, closed before 1/1/09), their DTI and cash fflow ratios are correct, 3) they live in the home and are in default. Landlord need to have lowered exxpectations – but not totally without hope.
Just because you are qualified does not mean you will get a modification. In fact, thousands of qualified applicants get rejected each day. You will need to learn how to play a hugely bureaucratic, boobey-trapped game. And, like a lot of games, there are plenty of “gotchas” along the way.
That’s why you need to have the insider, street-smart advice of someone who has “been-there” and “done-that”. If you follow the advice of the government or bank sponsored entitieswell, you just get plain vanilla – good for the masses- kind of advice. You need much more if you hope to get to the front of the line and actually cash in on some of this relief. So, don’t be nave. Get advice from the trenches. You’ll have to pay for it – but, hey, you get what you pay for. Do it!
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Topics: Mortgages | Comments Off
Tags: Bankruptcy, Business, debt, Finance, foreclosure, Home Loan Modification, housing, Loan Modification, mortgage, Mortgage Modification, mortgage workouts, Mortgages, Personal Finance, Real Estate
MLA Style Citation:
Rockwood, Mike "It’s Easy To Determine If You Qualify For A Loan Modification." It’s Easy To Determine If You Qualify For A Loan Modification. 2 Jul. 2010. uberarticles.com. 29 Dec 2014 <http://uberarticles.com/finance/mortgages/its-easy-to-determine-if-you-qualify-for-a-loan-modification/>.
APA Style Citation:
Rockwood, M (2010, July 2). It’s Easy To Determine If You Qualify For A Loan Modification. Retrieved December 29, 2014, from http://uberarticles.com/finance/mortgages/its-easy-to-determine-if-you-qualify-for-a-loan-modification/
Chicago Style Citation:
Rockwood, Mike "It’s Easy To Determine If You Qualify For A Loan Modification" uberarticles.com. http://uberarticles.com/finance/mortgages/its-easy-to-determine-if-you-qualify-for-a-loan-modification/
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