Loan Modification Question

Lot's of people have done their own loan modifications. I think there are pros and cons of doing it yourself versus paying someone to do it for you.

If you google loan modifications, you will find some interesting information to do it yourslef. I know there are some videos on YouTube that I've seen as well, from people who have done it on their own. I don't think it's easy though.

You do not have to use a 3rd party, but you may be better off doing so. The lender will work in their best interest, and often times (58% of the time), the homeowner will re-default within 6 months. Lenders are big on giving "temporary fixes." Do not forget who put the loan together in the first place ;)

Make sure that you know what you are doing for a loan modification. Be sure to turn in EVERYTHING that they ask for in a very timely manner. Be careful what you are proving to them in terms of hardship. You have to have a surplus of income vs. expenses to even qualify under your bank's guidelines for their modifications and each lender is different. Too much and you will be denied. Too little and you will be denied.

Good luck to you!

how long does it take...for an approval..from your lender..for a loan modification...B of A..already told me..im qualify for loan modification

how long does it take...for an approval..from your lender..for a loan modification...B of A..already told me..im qualify for loan modification

If you are looking for approval from your lender to get a modification, it can take anywhere from 3 months to 6 months to NEVER. It really just depends. The lenders are overwhelmed right now with files and they are using stall tactics or are just unorganized.

Its not easy to work with your lender unless you have some kind of "in." (Having your loan through them is not an "in"). B of A has made it very hard to get your loan modified.

The mod process should only take 2-3 months. If it is taking longer, than there is a problem. The bank can and will foreclose on you while you are waiting for approval, so make sure you have enough time to wait 6 months.

Hope this helps, quick message me or email me if you want more info.

Robyn :lol:

Make sure you understand the process of loan modification before you call your lender, remember thy are not your friends.
e-mail deleted...paulmergel
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Has any one ever heard of Liberty Debt Management Group for doing loan modifications