Loan Modification - FAQ
Section
+ I already tried to do this on my own and my mortgage company denied my application for a plan. Why can you get me one when I could not?
The majority of our clients have already contacted their lender and tried to work out a plan which was denied. There are two main reasons for our success rate with working out plans with mortgage companies. First, your income/expense report and the rest of your financial package needs to be submitted correctly, in order to get approved. If it is not submitted correctly most lenders will deny the request for a plan. In addition to knowing how to correctly submit your package, we also have direct contact with the appropriate departments within your mortgage company. We do not get lost in the shuffle of talking with customer service, collections, loss mitigation, home retention, etc.
+ I keep hearing about all these PROPOSED bailout plans. How can I benefit from any of these?
Government officials have been talking about all kinds of bailout plans and the different ways they are going to help homeowners. There are a few plans out there and a few more in the works. Rest assured that if your lender partakes in any of these government plans and you qualify for the plan, Manning Law Office will integrate that into your proposal.
+ My credit is not good. Is that going to be a problem?
Absolutely not! You already have a mortgage with your lender and we are not getting you a new mortgage. We are reworking the terms of your existing mortgage. The reason that credit does not matter is because your lender knows they have limited options. They can either foreclose on the home or work with you. Many times, working with the homeowners is the most financially viable option. What matters is that you can prove to the lender that it is in their best interest to work with you rather than foreclose on the home. We do this through our financial package that we send to your lender.
+ If my credit doesn’t matter then why do you ask about my credit report?
Your lender may pull your credit report but not for your credit. What they are looking for is the monthly payments of the bills that show up on your credit report. We ask for this to calculate your income and expense report, which helps us to determine if you can afford the house or not.
+ Should I still pay my mortgage while working with Manning Law Office?
That decision is up to you. Manning Law Office will not advise you to stop paying your mortgage, but it does weaken the chance of you getting the best possible plan with your lender.
+ How long will the process take?
It typically takes between 10-12 weeks from start to finish. This is largely dependent on two things: how quickly you provide us with the information we are looking for and how backed up your lender is. It could be much quicker or much longer than that.
+ If someone lives with me and I am using their income to prove that we can afford the house will they be added to the mortgage?
No. Your mortgage company is just looking for you to prove to them that you can afford the house. We can use someone’s income that lives in the house but is not on the loan. If we use their income to prove that you can afford the payment, they WILL NOT BE PUT ON THE MORTGAGE. The only way to add someone to your loan is if the loan is rewritten and you both sign off saying you would like to add that person to your loan.
+ Will my mortgage company continue to contact me after I am working with you?
Absolutely! You are currently behind on your payments and your lender is looking to collect money from you in any way they can. However, enclosed in his package are instructions about how to handle any correspondence with your lender.
| 
Facebook
Twitter
Google Bookmarks