Bank Underwriting Expert, Michael Shaw, Shares Five Tips for Homeowners Needing Help With Their Mortgage

The Loan Modification Blueprint is the answer to the questions many stressed homeowners have to help with their unmanageable loan payments.
 
1 2
Happy Family
Happy Family
JACKSON, Wyo. - April 14, 2015 - PRLog -- Loan expert Michael Shaw, creator of The Loan Modification Blueprint, a course designed to help frustrated homeowners successfully apply for a loan modification without hassle, is sharing five valuable tips for a perfect loan modification.

“Many applications are rejected and denied because they lack specific information or there's red flags, so I want to give homeowners a good strategy they can use to help alleviate their financial situation,” said Shaw. Here are the tips Shaw says anyone can use for applying for a loan modification today:

1.Look at the situation carefully. Will you be able to keep the house even with a loan modification approval? You don't want to go through the application process, be approved and then end up losing your house anyway or risk falling behind again. Part of every evaluation is determining the probability of re default. Depending on your lender, you may only be able to be approved for two loan modifications within 5 years.


2. Don’t panic if you fall behind on your mortgage payments. Educate yourself thoroughly on the process for your state, as your state of residence may have a different timeline on the foreclosure process. There are also regulations in place to protect homeowners and make sure they get a fair review process.

3. Gather all of the relevant materials the application process needs, and make sure you have updated documentation, particularly financial documents. Be sure to provide documentation immediately upon request.

4. Your job, property information and criminal background will be verified for all participants being considered for all workout types. If you report income to the IRS or your name is associated with a business and you didn’t list this income source on your application, the bank will know and will be contacting you.

5. Ask questions and get clarification on anything you don't understand. Failing to educate yourself means you aren't equipped to deal with this process, and then you're only hurting yourself. Many may think that you need to be behind your payments to be eligible for a loan modification, and may actually deliberately not pay to fall behind and in doing so, hurt themselves.  There are modification opportunities for current loans. Why kill your credit because it is not necessary.
Loan modifications are meant to help homeowners end the struggle of wondering where they'll find the money to pay their home mortgage each month. Shaw adds that many homeowners may believe some of the myths of the loan modification process and wants to clarify the truth of process and make this process as painless as possible. http://www.youtube.com/watch?v=vkubrr64WHQ.



For years, Shaw has been underwriting home loans and decided to give homeowners hope by holding their hand and walking them through the process with his new course, The Loan Modification Blueprint. The course helps homeowners get their application reviewed and decisioned within a few weeks or less than 30 days in most cases. For more information, visit  http://theloanmodificationblueprint.com.

End



Like PRLog?
9K2K1K
Click to Share