[TheCAG]

You may want to get a bit more education on your options before you walk away from your home or before you choose to go delinquent. I know this is frustrating and you want to give up because you think there is no end in sight. I promise you that NO does not mean NO! We prides ourselves on keeping the homeowner in the home and fighting the housing crisis. We offer free education in various ways! We may even be able to provide assistance. We are one of the only for Profit organizations in the country working directly with lenders and borrowers to renegotiate the terms of your existing loan. We have been around for 8 years now. Want more information To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. you can even we are able to help people all over the country. we have postponed 190 trustee sales and finalized countless modifications in 2009 alone. we work with borrowers from all over the country because we are all in this together!! we hold homeowner free homeowner workshops because the biggest thing the consumer advocacy does....is educate
please remember advice is free and education is priceless

[waqar1]

I know i only have one post right now, but how is it fair that i am in trouble and i found this site just now. I will try to up my number of post. Please help me regarding my loan modification denied and what is the next step i should take?

Thanks

[NE Settlement]

The worst news today for a struggling homeowner is that their loan modification was denied. Left stuck in a payment they can't afford and out of options to deal with the missed payments, many today just walk away from the home in search of brighter options.

Loan modification guidelines can be very rigid and all financial documents must be prepared and calculated perfectly ahead of time. The best advice for doing this on your own is to spend a night researching MHA Guidelines to gain an understanding for what the guidelines are looking for. If your armed with a perfect financial statement it will all but guarantee your success for a loan modification.

Ok, so you now have your financial statement perfectly prepared and you have pigeon holed it with all the same tests your lender will use to determine you eligibility. What to do now?

Up to this point there is really no need to speak with or update the lender, in reality they still have no idea you are requesting a modification. All the document preparation you have been working on has been behind the scenes and in preparation for the "submission and review" process. When you are ready to submit your financials it is best to call them and submit them first verbally over the phone.

On this call you should also double check with them for any documents they require, that may be missing from your prepared financial statement. Get the correct address to mail the financial statement and it's recommended that you send it USPS Certified Overnight Mail. This step will place your loan into modification review, and many times will put a hold on any further steps towards foreclosure that may have been scheduled.

This is the point that many homeowners drop the ball. They think they have submitted all the correct info and they sit back and wait for the lender to call them with the results. It never happens this way and your just asking for a "denial" if you follow this course. The only way to successfully see this through to completion is to call for status updates every week. In fact, your better off calling twice a week to make sure they don't need any updated documents and always keep in mind that as time goes by certain docs will need to be updated with the latest copies (pay stubs, bank statements, taxes, etc).

If you get news that the modification has been denied its important that you spring into action immediately. After a denial it will take 3-4 weeks until the review is officially closed. Until this happens you will usually have the opportunity to ask questions why your loan was denied and also make adjustments to income or expenses or correct any inaccurate calculations. This is common that a loan is initially denied and many of the "life changing" modifications offered, started with a denial.

To summarize, it's required finances are perfectly within investor guidelines and they also require that you submit them perfectly. It's worth it in the end though, with a few hours in preparation and a few more in consistent follow up, you could save a lot of cash every month.