[877YouKeep]

A loan modification is one of the loss mitigation programs offered by a mortgage company to To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. for the homeowner and mortgage company. The To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. is an agreement between the homeowner and mortgage company that is negotiated which can change the current interest rate or mortgage term. Mortgage companies are willing to negotiate when homeowners are facing foreclosure and can not afford to reinstate their mortgage. A homeowner must prove to the lender that they had a hardship which has been cured and can now afford a modified mortgage payment. After the review and a professional case is presented a mortgage company may be reluctant to reduce the current interest rate which will reduce the mortgage payment. A term extension is also an option that will reduce monthly mortgage payments.

The purpose for the loan modification is to create a win/win situation between the homeowner and mortgage company to To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily.. The agreement that is created is put in writing and must be signed. The new terms of the loan modification are listed on the loan modification agreement.

There are steps that need to be approached methodically to be sure the information submitted properly. Before contacting the lender about a loan modification you need to understand your financial situation, your income vs. your expenses. You need to sit down with a pen and paper and figure out home much money you make each and every month. The way we figure the formula is if you are a biweekly pay employee, take two most current paycheck stubs add the net on the check together and divide by two, the number is your average biweekly income. Take your average biweekly pay and multiply by 26 (biweekly pay periods in a year). Finally divide the number by 12, the final number is your average monthly income.
We have helped many homeowners stop foreclosure with a loan modification, below are a few.

City: Burlington
State: Wisconsin
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County: Racine
We faced foreclosure due missed payments and bad business climate in 2006-2007.* We brought acct up to date in April, but somehow still had a negative escrow balance which needed to be made up in monthly payments.* We were also in an ARM which adjusted in Jan and again in July.* I have tried exhaustively to work w/ ASC to bring our monthly payments down to a more reasonable level w/ no resolve or help.* Now, as of June, 08, I have re-established my chiropractic clinic separate from my former partner.* We are dealing w/ poor office collections as a result of the transition of computer software billing.* I have stopped paying the mortgage due to a combination of uncooperative from ASC and unavailable funds for my personal payroll (to keep my business accts intact).* Funds to catch up w/ the deficit should be available w/in the next 1-2 months. To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily.
ASC has been the mortgage company for the past several years. Americas Servicing Company

My wife was out of work for 6 months and my income alone was 600 per month less than our outgoing expenses. I had to shuffle bills in order not to lose everything. After my wife had found a new job,* I had made a payment plan with GMAC but accidently scheduled a second auto payment on the second month the payment was due. I had called to make amends the same day I had received a foreclosure notice from the law firm assigned as the trustee. They told me they would just send my payment back. The law firm said I had until Oct. 17 to come up with the resolution before my house gets a sale date. GMAC has taken my financial information for a 2nd time and has told me I wouldn’t hear anything for 6-8 weeks. I don’t have that much time. To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily.


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