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What to do if you were denied the loan modification?

If the bank denied the loan modification mortgage, do something quickly, not resigned to losing their home. A continucacion I explain what you should do and as soon as possible.

have to act fast, and if it does nothing will lose your home. Worst of all is that depues and may not buy another because in these times is almost impossible to qualify for a home loan. The directirces of home loans are very strict now, so they should fight to the last to keep your home.

What to do if you were denied the loan modification ?

must find out what was the reason why the bank will not mortgage approved the amendment. Should be borne in mind that often the main reason why loan modifications are not approved, is people working in the bank can not do the calculations of income borrowers. This I tell you from personal experience. I'm not doing making an assumption. I checked when you apply for modification of my loan.

When I called my bank (CitiMortgage) for the first time to tell them that I wanted to apply for the loan modification HAMP or Obama, they said it earned me a lot and did not qualify for mortgages Obama plan. Calulo made me bad income, but I told them they were wrong.

finally got the 2 percent to Obama's plan modifications, you can see pictures here. Click on the images to enlarge:

I could do it before you call learning the guidelines and everything you ought to know about the loan modification . If I had not known that they were doing wrong calculation of 31 percent, would have thought I was ineligible and lose my house! imagine a few of you will be doing the same. This is a totally unfair situation and we should not allow it! The solution? Learn how a mortgage modification. Wisdom is power!

Do it yourself and never has anyone to pay him the paperwork processed modified hioptecaria of your loan, except that it is not allowed, is illegal, nobody but the person concerned, I mean yourself, will put the same interest in getting good results. For example when I started the paperwork for modification of my loan, call several lawyers to see if I could help. Everyone told me different things. (The lawyers were paid between $ 3.500 and $ 5.000 dolres). Even call the government agency offering free help of the Obama modification program (HAMP) and I realized that people handa out there with no more working the bank. So there was when I decided to learn it all and do it myself the processing of my loan modification.

Why pay a lawyer for something you can do yourself? sentido.Ademas not if you do not know how the loan modification never know if you could have done a good job, if the bank denied the modification, you would have to make do with what the lawyer said. But if you yourself do everything and learn as well, which is not difficult, (it's super easy! Not think it is somewhat complicated paperwork for the loan modification) then you're much more likely to get a positive result. I repeat no one, not even a lawyer, will put the same interest in the matter yourself.

Well back

to my mortgage loan modification, once I decided to do everything myself, before calling my bank, I learned well the guidelines, then remove accounts and check that I qualify for Obama's plan for mortgages (Affordable Home Modification Program). We know that lenders are the only ones who can decide whether to approve the amendment or if they deny it, nothing else they can do, I mean that if we stayed in our house or lose, it almost depends on who answers the phone when you call the bank. If you get an inept person who does not know the guidelines, you lose your home if you are lucky enough that someone will answer if you know the guidelines and is willing to help, you do not lose home.

super We are in a vulnerable position. Then we return to the same, if we know how the program works, if we know the rules and guidelines, we can fight for our rights. Given valid arguments, it is the only way to win the battle against the banks and also to assert our rights as borrowers.

bank lenders do not deal well with the borrowers, large banks like Chase, Bank of America, Wells Fargo and Citi Mortgage is the worst. They forget that the government gave them money when they were sinking and that money is received, our money, we pay taxes!

I would not let me when I called CitiMortgage and rudely answered, told them, "Tell me hear it, you believed that to who is talking to his employee or that you are doing me a favor. Here I am I'm doing you a favor because, thanks to my work so you have to talk like people. " And if he continued talking as unkind just hung, and knocked again. If I played another well, "said he the same as the previous one and still hung. No matter if I had to call a hundred times, but I would not put up a simple bank employee that I came to speak rudely. You should do the same. You have economic problems and can not make the house payment does not mean they have to deal with bullying. No stop! Not only have bad manners, but for highs can not do a good job.

I already knew that people who work in banks in the customer service department was inept, and so I decided to learn it all before, but I never figured it was so extreme that they have no idea how to calculate income of a person employed and in general, are completely ignorant about the loan modification program Obama.

What to do if you were denied the loan modification?

For all these reasons, create an electronic book called "loan modification successful" to help borrowers, telling my experience, I did and that should make you to fight against their lenders when they are acting unfairly. I repeat the wisdom is power. In this eBook you will find these topics: what to do if you are denied loan modification? how to know if you qualify for loan modification or other Obama, such as preparing the application, documentation, well yourself before sending it to your bank, as do the calculation to see if you qualify for your loan modification, what happens when you A second loan and has not paid, when the lenders begin foreclosure? may lose the house while your loan is in loss mitigation, bone in the process of modification? and much more. Alli find all the information you need to submit a stellar application to your bank. I did all of this that I explain in the book and got the interest of the 2 on my mortgage. This is the book:

What to do if the bank denied the loan modification

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Bank of America Affordable Home Loan Modifications: A Failure

Bank of America (BAC) to largely failed in regard to help homeowners difficulties and prevent mortgage foreclosures. Simply seek a thousand excuses for not approving the prestatrios for loan modification Home Affordable, Obama's plan for mortgages.

Bank of America is one of the largest financial institutions in the country and the largest mortgage issuer, but also the least willing to give mortgage help and make the mortgage loan modification.
Pro
consumer advocates have filed a class action lawsuit against the company in the Massachusetts district court for alleged violation of its agreement to modify mortgages for people under the federal Affordable Home Modification Program. Bank of America faces a similar lawsuit in Washington. Massachusetts residents have also filed complaints against JP Morgan Chase (JPM), Bank OneWest and Wells Fargo (WFC), accusing these companies violating the guidelines of HAMP (modification Obama).

According to the latest federal data, fewer than 21,000 borrowers in Bank of America of an eligible group of nearly 1.1 million have had their mortgages modified under the HAMP permanently.

We understand that the Bank of America is not the only one who does not want to help people, in general, all the big banks are doing the same. For example OneWest (also known as IndyMac), so the Bank of America is not the only culprit here. In a new report by the Special Inspector General Neil Barofsky, said that the HAMP modification program is not being effective in the sense that lenders do not want to give it and also said the program has fallen far below expectations. He also accused the U.S. Treasury information to inflate the number of homeowners who have received assistance, focusing on the number of homeowners who have been tested, instead of focusing on praise have permanent loan modifications. The report says:

"In the absence of a thorough review of the HAMP and its objectives, the program helps homeowners in risk has simply extended the foreclosure crisis over several years, at taxpayer expense as significant and even at the expense of borrowers who are struggling to change, but are still doing higher payments on the mortgage for months before succumbing to foreclosure anyway. "

HAMP is fraught with problems, according to Barofsky. These include changing the documentation requirements for borrowers, confucuin Documents lender, confusion about how lenders calculate a mortgage participants qualify for mortage modification, proper verification of income owners, and poor training of lenders with respect to changes in Affordable Home (HAMP).

A this I would add one more important factor: The banks and loan servicers have financial incentives to carry out mortgage foreclosures of homes instead of modifying mortgages, they also prefer to refinance mortgages and payment plans in the short term rather than make them permanentes.No loan modification should be given aid for mortgages.

What is the solution? HAMP review (Obama's plan for mortgages), for example, make clear to the banks as people qualify for the program. But the best option would be for the Obama administration and Congress to review the legislation and empower bankruptcy courts to decide on mortgage modifications.

That hurt the profits of the banks. But companies like Bank of America, Chase, Indy Mac and Wells Fargo are strong enough to endure the pain. Meanwhile, the mortgage foreclosure epidemic continues to rage, and this not only hurts individual homeowners but also to the economy in general. It's time for another type of medication.

The biggest problem here is that lenders make their own, people who are working in customer service is inept, and they in conscience do nothing to teach them about the Affordable Home program. I think that more than half the mortage changes that banks refuse, it is only because they know borrowers qualify.

At the moment there is no other choice but to continue fighting with banks to get mortgage modifications Affordable Home, the best way to win the battle is learning how the program works, guidelines and so have a valid argument to "fight" with sets. If you know how the program, are aware of the rules and guidelines and they do not know and deny the changes as being inept, you can continue fighting, calling and calling until you get a person in the departments of the customer service listen. I tell you from personal experience as to me that happened when I applied for my own modicacion of loan. Until got to get the 2 percent to Obama modification. Here you can read about my case:

loan modification