August 30, 2009
KeyWords – Stop Foreclosure, Foreclosure Help and Loan Modifications
If you are facing foreclosure and are thinking about requesting a loan modification, I found something which you will want to view.
Freddie Mac, one of the government sponsored companies that buys mortgages in this country, has just put up a video on YouTube. The title of this is “Stop Foreclosure: Documents Your Lender Needs to Help You.” It is about 2 minutes long. It explains what documents you should submit to your mortgage company.
Check it out now. Here’s the link, www.youtube.com/FreddieMacWeb. It is a very informal video. It explains the backlog at most mortgage companies and it shows what documents you should get together,
I like the video because it is short and to the point. The only issue I have with it is that it doesn’t specify all of the documents you need to get together. If you have a large number of medical bills which you have had to pay, get those out. If you had to do any major repairs on your home or your car and you spent a lot of money on those, gather up those bills. If you had any other expenses which were out of the ordinary, include those.
I recommend something else that is not included in the video. The video talks about the backlog at the mortgage companies. Because of the amount of requests for loan modifications that companies have received and not having sufficient staffs to handle these, two major problems have arisen. First, many have lost applications or the paper work that accompanied them. Second, many times it is 90 days or longer before a decision is made by the mortgage company. These can be very frustrating for people who apply for loan modifications.
For these reasons and because you are not an expert in this area, I suggest that you get someone to represent you. That should be a lawyer or an expert in handling cases like yours. Get together all of the documents mentioned in the video as well as the other bills I mention above and sit down with the lawyer or expert you have chosen. Let them put together the application for the loan modification and submit it for you. Also let them represent you with your mortgage company.
You have too much to lose by trying to handle this yourself and not getting expert help.
Much Success,
Mark Elkins
