Zaida Patel, Realtor —– Blog Website

What is a loan modification?  A loan modification is when your mortgage terms, rate and payments are modified to reach an affordable monthly payment. You must meet certain criteria to qualify for the most popular loan modification program provided by the government which is called HAMP or Home Affordable Modification Program.

There are various reasons why homeowners are trying to get a loan modification.    One of the main reasons is due to a job loss which becomes a financial hardship.   And the question is  ‘Can I do my own loan modification?’.  The answer is YES. If you, the homeowner, is willing to spend time on the phone and do some paperwork, then you can do it.

The first thing a homeowner should do is call their lender (mortgage company), request for the loss mitigation department and ask for a loan modification package.    This will let them know that you are willing to work with them on getting your loan back on track.   They will give you a list of items that they want.  These items can include proof of income, hardship letter which states why you can’t pay the current mortgage, bank statements, and so on.  Be honest and provide what they are asking for and let them know your situation.  The lenders do not want to hear sob stories but just the facts and a summary of your ability to repay your loan.

If the lender doesn’t respond quickly, be patient.  There is a process and many homeowners, like you,  have submitted their requests, too.   At the same time, keep detailed records of all your calls. Once contact is made, write down the name of the person with whom you spoke, his or her identification number, the date and time of your conversation and a summary of what was said. Also make copies of all your correspondence and other paperwork. Lenders tend to lose things.

Avoid SCAMS from companies who offer services to do your loan modification for a fee.  That is illegal.  Only pay for services rendered, if any.  The main thing is keep informed, keep pushing and stay in communication with your lenders.  Nothing will kill your chances of modifying your loan than not communicating your situation to them and waiting until the last  minute to work something out.

Los Angeles Times

Many borrowers in default stay put as lenders delay evictions
Despite being months behind, many strapped residents are hanging on to their homes, essentially living rent-free.  Pressure on banks to modify loans and a glut of inventory are driving the trend.

To read the full story, please click here.

Daily Breeze

State and national foreclosure filings continue to rise
Even as the economy and real estate market show signs of stabilizing, foreclosure filings continued to grow in California and nationwide last year.

To read the full story, please click here.

Thank you for visiting ZaidaPatel.com.   As one of the premier real estate services in the San Francisco bay area, we offer valuable real estate information and news to buyers and sellers in all areas related to real estate with a particular emphasis on the east bay communities of Fremont, Union City, Newark, Hayward, Dublin, Pleasanton and San Ramon.

The SF bay area Ca real estate is changing rapidly. We know it is important for buyers and sellers to stay informed on home values. I  specialize in reporting current market information and news concerning Fremont, Union City, Newark, Hayward, Dublin, Pleasanton and San Ramon real estate.

1. I won’t waste your time – when an offer is made, I’ll require acceptance or a counter offer within 24 to 48 hours.
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Feel free to call my cell phone (510-676-2236) or send me an e-mail (zpatel@rwnetwork.com).

- Realty World Viking Realty

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