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Proper preparation speeds-up mortgage modification - Bills.com News
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Proper preparation speeds-up mortgage modification
Wednesday, Aug 12, 2009
In a recent article in the Dallas Morning News, homeowners seeking mortgage modifications were advised to have the necessary documents at hand. Those would include tax returns, income statements and a letter describing why a homeowner's current mortgage is untenable.
"Not having the necessary documents will gum up the process ofgetting a loan modification," the article stated.
The article cites a number of examples of homeowners in the Dallas area who have had trouble during the mortgage modification process. Stuart Miller is a 55-year-old resident of Plano, Texas, who has had difficulty in getting his mortgage company, Wells Fargo, to look over his mortgage modification
application.
Miller had to make multiple calls and hopes to get his new mortgage terms from Wells Fargo soon. It has been a process Miller described to the paper as "frustrating."
Mortgage modifications are a little bit different than home refinancing , the paper explained. Home refinancing involves taking out a new mortgage in order to pay off the old
Miller had to make multiple calls and hopes to get his new mortgage terms from Wells Fargo soon. It has been a process Miller described to the paper as "frustrating."
Mortgage modifications are a little bit different than home refinancing , the paper explained. Home refinancing involves taking out a new mortgage in order to pay off the old
mortgage. Mortgage modifications take current mortgages and change their terms.
Recently, the Obama administration met with members of the mortgage industry in order to try and speed up the process of granting loan modifications. The administration wants 500,000 trial loan modifications by November 1 through its Making Home Affordable program.
Also, make sure to get a free financial health check-up with Bills IQ!
Recently, the Obama administration met with members of the mortgage industry in order to try and speed up the process of granting loan modifications. The administration wants 500,000 trial loan modifications by November 1 through its Making Home Affordable program.
Also, make sure to get a free financial health check-up with Bills IQ!
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