Funding-Loans.com - DIY Mortgage Modification Kit (version 3 for 2010)

Purchase now: $275.00

+ includes detail information, links, and insight on the Home Affordable Modification (MHA / HAMP) for 2010.

Times are hard and what can we do about it right now?

The sudden and drastic downturn in the housing market has left millions of Americans facing a foreclosure crisis.  Until recently, if homeowners faced difficulty with their mortgage they could simply refinance the loan or sell up and move on.  Times have changed… Now due to the sudden down turn in property values, economic upheaval that has left many with a reduced income, and other related economic factors has made it near impossible for many of us to refinance...

Thus the need for a modification has become very real and necessary for many to try to save their homes..

This kit is design to help you do just that...

This kit will provide you with everything you need to understand the process, submit your modification, and fight for a better deal!

It provides the tools necessary for someone to do a home loan modification, plus included at no extra charge detailed steps to submit for a traditional home loan modification.

Update June 2010: the Kit now includes the Home Affordable Modification Program sponsored by the government.  Including the current Hot Line by government authorized specialists are here to help you fill out the package and provide common sense answers with the submission of your home loan modification.

Windows 98, Windows XP, Windows 2000, Visita, Win 7 (no Mac / Apple support)  with the latest version of Adobe Reader installed 9.0 or higher.

How does Funding-Loans.com differ from the many DIY Mortgage Modification Kit online or on Ebay?

The several DIY Mortgage Modification Kits to be found online are normally just one large document.   You pay anywhere from $50 to $500 for what is essentially the same information. 

There is no ‘padding’ in our guide and DIY Mortgage Modification Kit.  It gets directly to the point and teaches you what you need to know.  There are two very convenient PDF calculators that will calculate your dept to income ratio and your income vs. expenses.  These are additional to your guide and forms.

We also have included step by step procedure to assist with the government Home Affordable Modification Program.

How long does a mortgage modification take?

Because of the surge in requests for loan modifications to lenders, it now generally, takes anywhere from 1 to 5 months for the lender to finish your modification.

What might a modification achieve?

There are many possibilities and any one or combination may occur.  Some of these are:

Misconceptions of a Loan Modification Program:

Can I attempt a DIY modification and then use a law firm if I didn’t get a good enough offer?

Absolutely, a lawyer may be able to see why your attempt failed and correct that error.  It is important that you documents all correspondence with your lender during your DIY modification in case you later decide to take the law firm approach.

Funding-Loans.com may offer a discount on a full loan modification if you decide to later purchase it. Some discounts may apply but it may take the lawyer more time to act on your case because the history of what you have already done with the lender has to be examined.

When you receive your Modification Kit it includes a diary where you should document all correspondence.  This makes it easy for you to keep track of your DIY modification and much easier to hand the case over to a law firm should you choose to do so in the future.

Will a loan modification application damage my credit?

No, unlike a bankruptcy or foreclosure, a mortgage modification, or attempt to do so, will not appear on your credit at all.  Making late payments on your mortgage does damage your credit.  It is very common for a successful modification to remove any arrears from your account and add them to the amount outstanding on the mortgage.  This brings your payments up to date and has a positive effect on your credit score.

Will I qualify?

For there to be a possibility of qualifying for a mortgage modification you must have a verifiable hardship.  You must document your current or future inability to pay your mortgage under its current terms.  It is equally important that you prove that you can pay, or will be able to pay, a more manageable payment.  Your lender will not see the point in modifying your loan from something that you cannot afford to something else that you cannot afford either.  Your dept to income ratio need to become within your lenders target range once your mortgage is modified.  Our guide shows you how this crucial portion is done.

What qualifies as a hardship?

Any event that has either reduced your income or increased your outgoings may qualify as a financial hardship.  This could be a job loss, struggling business, illness, divorce or simply the fact that your interest rate has adjusted resulting in unmanageable payments.  There is no shame in not being able to afford your mortgage after the teaser rate period is over.  Lenders know that many people were told that they could simply refinance to a lower rate before the introductory teaser rate adjusted upwards.

Do  I have to be late on my payments before I qualify for a loan modification?

No -  Some lenders would prefer for you not to get behind on your payments.  They will look at you in a positive light if you are pro-active and tackle a problem that you can see coming.  For example, if you know that your payment will adjust in four months time to a rate that there is no way you can afford then you should act now to modify your loan.  Getting behind on your payments will only damage your credit.

I called my lender and they told me that they do not do mortgage modifications.  What are my options?

Chances are that you called the service number on your statement or you have spoken with an employee from the collections department.  It is not the job of these people to talk to you about loan modifications.  You normally need to speak to the loss mitigation department; it is their job to prevent your home from going into a foreclosure that causes the lender to lose money.  They would rather lose less money by modifying your mortgage.

Can I be taxed for debt forgiven as a result of a mortgage modification, short sale or foreclosure?

Yes, you can and without the correct knowledge you almost certainly will be.  If your principal is reduced by $100,000 or your house short sells for $100,000 less than you owe. Then you can be taxed on the $100,000 as if it was regular income.  Our guide gives you some of the information that you need to legally not be liable for debt forgiveness tax via 1099-C. But like all things tax related please contact your local tax authority / CPA to get the final clarification on such matters on a state and federal level.

DIY Mortgage Modification Kit

The pack is a self-extracting program that contains the following products.

Files located in an easy to use menu system.

• Debt To Income Ratio Calculator Tool
• Financial Statement Preparation and Printing Tool
• Facsimile Transmittal Sheet
• Funding-Loans.com - Mortgage Modification e-Book

Funding-Loans.com - Mortgage Modification e-Book: Table Of Contents