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Contact our senior advisors today. These experts are here that will help you understand your choices. In case your eligable they can help you design an plan and show you options to match your individual needs and make up a situation where one can begin to see the future. And there's cost-free for you with this valuable service. Don’t delay. Call now.
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IMPORTANT DISCLAIMER - Please Read: A reduced Interest rate is typically part of a loan modification terms. However there is no guarantee you will receive a loan modification.Loan Modification approval is dependent on criteria including but not limited to hardship, income, debt ratios. SMA is not a Bank, nor a government agency or government affiliate. SMA assists in the document preparation, communications, and negotiations with your Mortgage Bank in the attempt to acquire an approved Loan Modification
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Lawyers for Consumers
Loan Modification Idaho
Idaho Loan Modification Attorney - SMA - all rights reserved
Lawyers for Consumers
Here are the steps for how to figure out if you qualify for Mortgage Modification
●First off, can you afford a monthly payment?
●If you can afford a monthly payment, what is your wished for payment? Is it five thousand dollars? Two thousand dollars? Thirteen hundred dollars? You need to have a number for your "here is what we can afford for a monthly payment."
●Now, take that number and add it with all your other bills. Your car payment, your insurance payment, monthly home-owner's association fee, property taxes (to get a monthly amount, take your annual payment and divide by 12. That is your monthly payment.), and all your other costs. Electric payment, car insurance, home insurance, phone bill, cell phone bill, and all the other bills.
●Take all those other bills that come up every single month and add it to the mortgage payment. Now you have your total monthly bills. Take that number and double it.
●Are you making that much money every month? Because if you are making that much money, the more likely you can afford your "wished for house payment."
If you are not, then you need to look at “okay, we’re going to have to negotiate harder for a lower payment.” And in fact, in the “Making Home Affordable” program, they say in one of their guidelines that your total bills cannot be more than fifty five percent of your income. If it is more than fifty five percent, we know it’s going to be hard for you to afford that payment and keep your home.
Here’s another thing to look at. Can you afford your first mortgage, but maybe you have a second mortgage? Here is something you might want to consider. I've seen other people do it and I'm bringing it to your attention so you can see what worked for them.
They have considered simply not paying their second mortgage. They stay current with the first and maybe even do a loan modification with the first. But if they have a second mortgage, they just completely stop paying it. Please Note: I don’t know all of the legal guidelines, so you're going to want to talk to legal counsel before you do this. I don't advocate for or against this. It’s simply something that I've seen other people do.
The reality is that most second mortgages don't have many options. Some people even suggest that they’ll just turn over and lay dead. I've also heard that they'll often take a lump sum payment and go away.
Down the road, when you’re able to save up a little bit of money, you can pay them off for three, four, or maybe five thousand dollars and just get rid of them. Now, you finally have got a house that you owe what the house is realistically worth versus being upside down.
Second mortgages will call you a lot. They’ll shout, they’ll scream, and they’ll even howl. In fact, they’re going to scream and howl even more, and they’re going to threaten even more than the first to foreclose. They'll say, “If you don’t pay me, I’m going to sue you.”
However, the reality is usually the opposite. They are less likely to do anything because they don’t have any options. Second mortgages charge a higher interest rate, because they know that there is more risk.
If you can pay them off and settle with them, then that will be a good option for you. The key is to stay current with the first. Every dime you’re paying to your second mortgage on a loan modification is less money you can pay to the first mortgage. This can cause you not to be able to keep your home.
Down the road, when you’re able to save up a little bit of money, you can pay them off for three, four, or maybe five thousand dollars and just get rid of them. Now, you finally have got a house that you owe what the house is realistically worth versus being upside down.
Second mortgages will call you a lot. They’ll shout, they’ll scream, and they’ll even howl. In fact, they’re going to scream and howl even more, and they’re going to threaten even more than the first to foreclose. They'll say, “If you don’t pay me, I’m going to sue you.”
However, the reality is usually the opposite. They are less likely to do anything because they don’t have any options. Second mortgages charge a higher interest rate, because they know that there is more risk.
If you can pay them off and settle with them, then that will be a good option for you. The key is to stay current with the first. Every dime you’re paying to your second mortgage on a loan modification is less money you can pay to the first mortgage. This can cause you not to be able to keep your home.
