Loan Modification Demonstration Video

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Step-By-Step Instructions to Our Online Loan Modification System

Follow the steps below to get the best loan modification.

Step 1 – Activate Account

Once you activate your account, you will have access to your loan modification account, here you will be guided step-by-step to answer questions that will auto populate into your “Bank Ready” loan modification package. To return to the loan modification station, just return to the website and log-in using your log-in information and you can make changes, updates, notes, tasks, etc.

Step 2 (Tab 1) - Borrower Info

Answer all questions relating to your contact information and current mortgage scenario. Required boxes are shaded blue. Position your mouse over any of the question mark icons to see a full explanation of what the question is asking for.

Step 3 (Tab 2) - Income & Expenses Info

Answer all questions relating to your HOUSEHOLD income and expenses, regardless of whether all individuals in the home are listed on the loan or the property title. Lenders will look at all income sources in qualifying you for a loan modification. NOTE: The system will automatically calculate your disposable income (the amount of income you have left over after paying all of your bills. This number should be within a relevant range. Too much disposable income left over will indicate you make too much money and should be able to pay all of your bills; therefore you would not need a loan modification. Too large a negative can indicate that you have too much total debt, and/or your mortgage payments are too large, even with a loan modification. If this is the case, the lender will quickly see that no matter how much they modify your loan; you will still be in a bad financial situation.

Step 4 (Tab 3) - Proposal

Here is where you can adjust and suggest new loan terms for your lender to consider. The proposal module will automatically calculate and analyze other variables such as Market Value, Cost of Foreclosure, Asset Liquidation Analysis, and overall proceeds to the lender in the event of a foreclosure. Your lender does not want to foreclose on you in today’s real estate market. Their goal will be to try to keep you in the home. The proposal will demonstrate a win-win solution for both parties.

Step 5(Tab 4) – Hardship Letter

It is very important to demonstrate and prove a hardship to your lender. Your lenders loss mitigation department will carefully review this explanation and may request that you provide verifiable proof of your explanation. So be prepared to back up your hardship with proof of what you say here. See below for some sample hardship cases.

Step 6 (Tab 5) - Q+A (Questions & Answers)

The system will ask you detailed questions that are important for your lender to review to determine your eligibility for a loan modification.

Step 7 (Tab 6) – Get Documents

This is where you can print your bank ready loan modification package. If you have a first mortgage and a second mortgage, you will be able to print 2 separate loan modification packages here. You can also print a copy of your Instructional E-Book (documents tab).

Step 8 (Tab 7) – Submit to your Lender (Set Tasks & Reminders)

You can set a task for yourself or a reminder to complete your task here. As you start the negotiation process and engage in conversations with your lender, you will want to document these discussions and track any offer they give you. The more notes you keep: date, time, and whom you spoke with, the better. Set reminders for items that your lender may ask you for. For example, your lender may request additional documents or additional proof of income by a certain date, and you can have the system automatically notify you with a reminder to complete this task.

Step 9 – Approvals & New Loan Modification Agreement

When you receive a loan modification offer from your lender or servicer, keep detailed notes and all paperwork. Your lender may approve your loan modification based on 3 months of timely payments; this is known as the “Trial Period.” If you do not follow up on time, you run the risk of losing the loan modification offer or delaying the overall process.  In the event of foreclosure proceedings, the judge will want to know the details and every measure you took to work out a loan modification with your lender. In some areas and in certain cases, the judge is recommending or forcing the lender to modify your loan, especially if you can prove your efforts to get a loan modification. They will ask for proof and will also need to see all of this information.