In theory, the mortgage transfer process is simple. In reality, mistakes during mortgage servicer changes happen all the time. Documents get lost, payments are misapplied, and loss mitigation applications are mishandled. Even if the mistake was made on the servicer’s end, the impact still hurts borrowers and can even lead to wrongful foreclosure. In this…
During COVID-19, the SBA created the Economic Injury Disaster Loan (EIDL) program to help small businesses survive the financial impact of the pandemic by providing loans to cover operating expenses. For many companies, this loan was their lifeline and was the reason they were able to make it through the shutdown. However, with EIDL payments…
The flex modification program is a loan modification offered by Fannie Mae and Freddie Mac. It was created to replace the Home Affordable Modification Program (HAMP) and help borrowers avoid foreclosure by making their monthly payments more affordable. In this article, we’ll discuss what a flex modification is, who is eligible for a flex modification…
Even if you’ve received a denied loan modification, the decision may not be final. In many cases, homeowners can submit a loan modification appeal to have their application reviewed and reconsidered for approval. In this article, we’ll talk through what happens if your loan modification is denied, and how to appeal a loan modification denial…
If you’ve fallen behind on your mortgage payments, you may have already reached out to your lender for a loan modification, forbearance, or repayment plan to help you prevent foreclosure. While your request is under review, lenders are legally required to stop the foreclosure process. Moving forward with foreclosure while reviewing loan modifications or other…
Serving in the U.S. military is an important and often dangerous job. To recognize that sacrifice, servicemembers and their families are entitled to important legal and financial protections, especially during active duty. In 2003, the Servicemembers Civil Relief Act (SCRA) was passed to update and expand protections for servicemembers. The protections under SCRA focus on…
Loan modifications can be a great option to avoid foreclosure if you are struggling to make your payments. Even if you qualify for a loan modification and your application is approved, the loan modification process isn’t over yet. Before your loan modification can be officially applied to your mortgage, you must complete a trial payment…
Loan modifications can be a great option for homeowners struggling with staying up-to-date on their monthly mortgage payments. In order to qualify for a loan modification, you’ll need to first gather the appropriate loan modification documents and paperwork. If you’re wondering if you can get a loan modification without income documentation, you’ll find it depends…
Don’t let yourself be rushed into modifying your loan. Although loan modifications are a powerful tool for resolving a very stressful situation, you shouldn’t jump into one lightly, or because someone is promising it’ll solve all your problems without doing your own research. There is an entire industry of loan modification companies. Most of these…
Navigating mortgage modifications and struggling to make mortgage payments can be difficult. As a homeowner, it can be difficult to understand your options if you’ve had a loan modification and are struggling to make your monthly mortgage payments. If you’ve had a loan modification, it’s understandable that you may be wondering about your refinance options….