For those of you who are in need of a loan modification and have been looking around for some assistance, the new application and information at www.makinghomeaffordable.com could be the real deal!
While there are many sites to choose from, just Google "loan modification" and you will get over 3 million pages, the only place you need to go to is www.makinghomeaffordable.com. The new application that is being used is a very simple 3 page application along with the form 4506-T. You can download it and fill it out from your computer or print it out and fill it out the traditional pen and paper way. Either way, just fill it out completely and as truthful and applicable as possible and send it Registered Mail to your lender(s) and if you qualify, within 45-60 days you should get a 3 month Trial Mod.
What is a Trial Mod? It is a loan modification for a short period of time to see if you can make the payments on time and can afford the amount that your lender(s) feels you qualify for so DON'T be late with your trial mod payments. A trial mod does not mean that you will automatically get a permanent loan modification, but it is usually a good sign that you are on your way. Of course, the lender(s) will have to verify that you earn what you say you earn so always tell the truth because they will find out and if you exaggerate your earning up or down, you will be denied when everything gets verified.
In addition to the new application available on the site, there are other tools such as who qualifies, resources and videos. It really is a good site and I feel that the new 3 page application will soon be used by all lenders. But don't wait, the early bird catches the worm.
Click here to read an article by the New York Times about what the Treasury Department is doing to pressure lenders to do more loan modifications.
I want to take the opportunity to recommend this information to anyone trying to educate themselves on this topic. I learned more with this material than I have with multiple articles over the last couple of months. Do your friends a favor and send this to them. Loan Modification
Posted by: Consumer | 02/04/2010 at 02:44 AM