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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.
Home Improvements With Free Grants
If you are like so many of today’s homeowners you may be considering greening up your home. Hey, why spend your own money to cut your carbon footprint when you can use free grants courtesy of the US government? After all, it is your tax dollars that you paid in!
Remember one thing and that’s that grants are not loans, so they will not have to be paid back. However there are two basic factors that they will want you to provide them information on. Also understand that there may be a fair amount of paper work.
The government will want to know how much it will take bring your project to completion. That is how extensive is the the work that will need to be done to cut your utility costs. They are also going to want to know how much it is estimated that it will raise the value of your home.
What many people are unaware of and you may be one of them, is that grants for straight forward non-energy related home improvements are also available. One of the most common and easy to get is a grant to make your home wheel chair accessible.
In many of these cases they may require you to have a specified contractor do the work. However; this is in most cases your best option, as the contractors have been pre-certified to do the work and in many cases their fees are also set or capped.
In some rare cases, people have gotten free grants for home improvements after having their home declared a historical landmark. It’s highly unlikely that this is something that you would qualify for but if you do, the amount of renovation and restorative work you can receive at no cost can be quite extensive.
You will not have to be concerned with your beacon score, or collateral or repayment terms, because there are none. The government is not worried about those factors either.
Many people apply for the free grants for home improvements when they are interested in larger home improvement projects. Like new heating or air conditioning units, weatherization or solar panels to conserve energy. These larger projects are the ones that interest homeowners in getting assistance with the bill, which usually comes back to the homeowner in the form of tax credits and decreased energy bills.
But, there are also straight forward grants, if you qualify, that you can get to upgrade your home and make it a safer, nicer place to live. As long as you have a solid plan on the reason for the money, you should be fine. But make sure you have thought it through. Talk to contractors and priced equipment. These will all need to be assessed in the grant application process.
And let’s not forget that the government is encouraging homeowners to weatherize their homes in order to help lower the energy bills and conserve the earth in the long run. When considering weatherization, make sure you think of the front all the way to the back. Remember, it does not help to weatherize part of it; you need to do all of it.
These grant application processes can be tricky, but just be certain that you review everything. Read everything and if you have any questions, ask someone. It is very important you understand what you are applying for. Once you are awarded one of these free grants for home improvements, have fun with your renovation and enjoy the final product.