by Mike Rockwood
60MinuteLoanModification.com

In 2009 I spent a lot of time with clients trying to figure if they’d qualify for a mortgage modification. In 2010 it takes me about 5 minutes and is nearly 100% accurate. That’s because the banks, in their rush to streamline, have become so very standardized and predictable.

The Making Homes Affordable Program Guidelines have become the standards. All in-house programs are modeled after the MHA, although others are not nearly as rich and are even harder to get. But the guidelines have become universal.

Predictable – The sheer numbers of applications has forced the banks to routinize everything – including erroneous rejections – to a point where it is pretty obvious to us veteran loan mod freaks.

Homeowners will get a mod if they, 1) have a typical hardship, 2) the loan qualifies (non-jumbo, done before Jan. 1, 2009), have correct ratios, 3) live in the home, and are in default. That’s not to say that landlords are SOL…they just have less likelihood of approval and must have lower expectations.

Now, just because you are qualified, don’t think your mortgage modification is guaranteed. In fact, that’s just the “table stakes” in this game! You have to know how to play and, that means getting an advantage over the thousands of competing qualified modification applications that are submitted each day. That’s right – thousands each day!

That’s why you need to have the insider, street-smart advice of someone who has “been-there” and “done-that”. If you follow the advice of the government or bank sponsored entities, well, you just get plain vanilla – good for the masses- kind of advice. You need much more if you hope to get to the front of the line and actually cash in on some of this relief. So, don’t be nave. Get advice from the trenches. You’ll have to pay for it – but, hey, you get what you pay for. Do it!

Hungry for more help withMortgage Modification? Visit Rockwood’s site about DIY Loan Modification at Home Loan Modification

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Filed under: Finance & Money • Loan & Mortagage • Real Estate

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