Tag Archives: process
Feldman Law Center – Ten Tips for a Successful Home Loan Modification (Page 1 of 2)
Feldman Law Center – News by Feldman Law Center – A home loan modification, for many homeowners, is the only option standing between them being able to stay in their homes and being forced to move after a foreclosure, a short sale, or a “cash for keys” negotiation. If events are unfolding rapidly, the modification is one shot deal that must be done correctly and as quickly as possible. The following tips will give you the best chance at getting your home loan modification completed with terms that you can sustain for the long term. They are:
1) Be realistic – If youre behind on your payments without relief in sight, magical thinking isnt going to get it done. Its time to figure out who is going represent you in your modification.
2) Hire a professional Getting a loan modification executed, with terms that address your specific needs is not childs play. This is the roof over your familys collective head. Hire an experienced attorney to make sure the modification happens and that the terms are within your budget and sustainable for the long term.
3) Pull your paperwork together – Youre going to turn in about as much documentation as you did for the original loan. Have it copied and ready to go. Keep an extra copy just in case the lender needs a re-submittal.
4) Bring statements for all your credit card and consumer debt to your initial consultation Your attorney is going to need to know the total of your monthly expenses to be able to negotiate the right loan modification for you. Additionally, there may be an opportunity to set up a debt negotiation to run concurrently with your loan modification. The debt negotiation can save you more money and increase the odds of getting your modification approved.
5) Be honest with your attorney – Whether you were stating assets and income or something else, come clean with your representation. If you got creative with your tax returns during the application process, the new 4506-T form could work against you by permitting your lender to verify that the tax returns used to apply the first time are the same as the ones you turned in to the IRS. Let your attorney know about the situation so that he can prepare for it.
6) Be honest with your lender Trying to put one over on your lender isnt likely to work. Remember, they still have all of your original documentation, so forgetting about bank accounts or enhancing your “resume” will be caught and definitely frowned upon.
7) Write a compelling hardship letter – This will be the basis of your loan modification. Its basically a chronology of how events unfolded to put you in need of a loan modification and how youre going work your way out of it. 8) Be patient Loan processors have more than they know what to do with at present. Working with a law firm will expedite the process but the workload on the lenders side is so heavy that process will take time.
9) Respond to requests for additional information quickly You may be asked for updated versions of statements and paystubs as the modification process moves forward. Responding quickly will keep your file moving and on the top of a processors stack of applications.
Quick Faxless Payday Loans and Cash Advances
No longer are trips required to a local loan shop when you apply for Internet cash advance loan. Many cash advance lenders have now gone online to provide a faxless ability with a quick approval process. Internet cash advances has transformed the process of getting cash advances and now it is much easier – you can do it from the comfort of your home.
Payday advances are forms of short term loans that allow you to borrow cash until the next time you get paid. In the old days, people would have to go to an loan company office and fill in a form in order to apply for the loan. Then they would have to issue a post dated check which would be cashed when the loan was due to be repaid. With internet payday loans, you simply need to complete an online application form with details of the bank account that you put you pay check in. When the loan is due, the lender simply withdraws the loan amount plus any applicable fees directly from your bank account.
Finding a Cash Advance Online
If you face a cash emergency while your payday is still weeks away, you will need to find an alternative source of cash. Luckily, you can find many institutions that provide an instant cash loan with quick approval. Nevertheless, you should not rush and apply for credit to the first company you come across. Compare several companies to find one that offers competitive interest rate, low fees, and a flexible repayment scheme. You start the comparison by following the links at the end of this article.
Approval is Almost Guaranteed
It is not surprising to learn that everyone with a full time job and steady income is almost guaranteed to get a cash advance loan. These loans don’t not require a credit check, so people with any kind of credit history have the same chance of getting the approval. Payday advance lenders have made it easy for you to process the loan online without the need to fax and the requirement to do credit check.
Get Started
Once you have decided which lender you want to apply the loan from, you simply register to get an account and start filling out the application form online. It just takes a couple of minutes to complete the application form with details of your name, phone numbers, address, social security number, employment history, bank accounts, any references, etc. Your details are kept confidential and will not be shared with anyone else. Cash advance companies have to adhere to strict rules and regulations when it comes to keeping customers details private.