Mortgages Loans :CCO Mortgage & Citizens Bank Loan Modification

admin — Thu, 28 Jan 2010 02:49:34 +0000

CCO Mortgage (also known as Citizens Bank) provides a number of loan modification programs to help borrowers stop foreclosure and lower their payments. Additionally, Citizens Bank now participates in President Obama’s Making Home Affordable Program.
Regardless of whether or not

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CCO Mortgage (also known as Citizens Bank) provides a number of loan modification programs to help borrowers stop foreclosure and lower their payments. Additionally, Citizens Bank now participates in President Obama’s Making Home Affordable Program.

Regardless of whether or not you are current on your mortgage, if Citizens Bank is your lender, we most likely can qualify you for a loan modification. Actually, if you are behind on your mortgage, this may create even more of an incentive for Citizens Bank to modify your loan. If you are on time, getting a loan modification is still possible, and modifying now can avoid irrevocable damage to your credit.

How can this help you? Well, a loan modification can help you decrease your interest rate, payment, and possibly even the principal balance of the loan. An aggressive loan modification can help you keep your house, and in the process lower your payment by hundreds if not thousands of dollars.

Let’s take a look at what exactly a loan modification is: A loan modification is an agreement between you (the borrower) and your lender (Citizens Bank) to lower your mortgage payments to an affordable level to help you avoid foreclosure. Citizens Bank has faced significant financial setbacks over the last two years due to the high number of foreclosures, and, as such is willing to work with qualified homeowners to lower their monthly payments and help them keep their homes.

When applying for a loan modification with Citizens Bank / CCO Mortgage, it’s important to remember that the primary basis of whether or not you will be approved for a loan modification is based on whether or not you are facing what Citizens will look at as an “acceptable financial hardship”.

Citizen’s Bank and CCO Mortgage’s loss mitigation guidelines cover a number of acceptable financial hardships, here are a few of the more common ones: Decrease in income, job loss, unemployment, adjustment of an ARM (Adjustable Rate Mortgage), any increase in mortgage payment, death in the family, illness, disability, child birth, excessive credit card debt, decrease in assets, and increases in other household expenses.

As previously stated, Citizens Bank now participates in the Making Home Affordable Program, meaning that it’s conceivable to get an interest rate as low as 2% on a 30 year fixed loan through an aggressive loan modification. For more information on the Making Home Affordable Program, check out these HAMP Guidelines.

If your mortgage is currently held by Citizens Bank, it may be in your best interest to take a look at a loan modification as you are most likely paying more than you have to on your mortgage.

Items You Will Need When Applying for a Loan Modification
When applying for a loan modification with Citizens Bank, you will need to document your income, assets, and expenses. Here’s a quick list of what you will need:

Please note that Citizens Bank may ask for additional supporting documentation when reviewing your loan modification package.

What to do When You Call Citizens Bank
You can reach the Citizens Bank Loss Mitigation Department directly at (800) 234-6002. Now, as with most lenders Citizens Bank has two different departments that field calls on delinquent loans and how homeowners are treated and the help they receive varies base upon which department of Citizens they have reached!

The first department of Citizens Bank that speaks to delinquent homeowners typically is their collection’s department, who will try to get the homeowner to catch up by immediately paying back the amount they are late on, including the legal and late fees that Citizens Bank assesses.

The second department at Citizens consists of loss mitigation specialists and negotiators. Modification Zoom has significant experience working with lender loss mitigation departments and getting the best loan modifications for our clients. If you believe you need help getting a loan modification from Citizens Bank / CCO Mortgage, complete the form to the right, or apply here.

Often, homeowners contact us after they have presented financial information to their lender that makes it impossible for them to get a loan modification. If you do not have years of loss mitigation experience, the time to learn is not on your own foreclosure.

Modification Zoom can help get a loan modification from Citizens Bank / CCO Mortgage that will put you in a much better financial situation. Complete a form on any page of this website, and we will contact you immediately. The consultation is quick, absolutely risk free, and completely confidential. Take the first step today!

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Best Mortgage Loan :HSBC Loan Modification

admin — Mon, 21 Dec 2009 13:14:40 +0000

HSBC Loan Modification. What a tough, tough process. First and foremost, HSBC has elected not to participate in Obama’s Making Home Affordable Program, and, for the most part, seems intent on not providing permanent solutions for homeowners whenever possible, preferring to

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Article Content:
HSBC Loan Modification. What a tough, tough process. First and foremost, HSBC has elected not to participate in Obama’s Making Home Affordable Program, and, for the most part, seems intent on not providing permanent solutions for homeowners whenever possible, preferring to opt for short term (typically 6 month) reductions in interest rate and payments through their “in-house” loan modification programs.

Although HSBC at one time indicated they were going to be taking a more active role in helping homeowners with ARM mortgages that have adjusted, and had agreed to Senator Dodd’s Home Preservation Plan, in all actuality HSBC could be doing a significant amount more to help homeowners avoid foreclosure.

Please note that HSBC and Homecomings Financial are one and the same lender now.

In January of 2008, HSBC launched the Comet program, which sought to identify repeated signs of risk and offer loan modifications to homeowners before they had to request help. This was a continuation of the HSBC Foreclosure Assistance Program, which is committed to helping homeowners modify their loans and stay in their homes, however the homeowners that were contacted by HSBC under their Comet program seem almost arbitrary, sharing little correlation in financial hardship or circumstance, and the loan workouts and modifications offered too seemed arbitrary.

HSBC Loss Mitigation Department Contact Information
Phone – (800) 338-6441
Address – Default Resolution Team, 2929 Walden Ave., Depew, NY 14043
Loss Mitigation Department – (888) 648-3124
Fax – (732) 352-7519
Website – http://www.us.hsbc.com/1/2/3/personal/home-loans/mortgage/existing/when-payment-difficulties-arise

Commonly Asked Questions

I was asked for a copy of the Financial Disclosure Form by HSBC as part of my loan modification package. Where can I find a copy of it?
A copy of HSBC’s financial disclosure form can be found here:http://www.us.hsbc.com/1/PA_1_2_39/content/usshared/Personal%20Services/Home%20Loans/Mortgage/Existing/Payment%20Difficulties/fnclform.pdf

What is the deal with the 6 month “band-aid” loan modification solution that I was offered? Are they ever going to place me in a permanent loan modification?
Most likely HSBC will only offer a 6 month, temporary solution unless you have a great Attorney. The majority of HSBC’s servicing agreements with their investors do not allow aggressive, permanent loan modifications, and the only way to strong-arm HSBC and the concerned investor(s) into actually granting a permanent loan modification is through either a detailed forensic audit highlighting multiple violations of RESPA and TILA coupled with a pending lawsuit, or through detailed examination of fiscal viability based upon NPV analysis coupled with Net-Cashflow borrower ability to repay the lower payment.

Should I get a Lawyer?
Definitely.

Where can I speak with others who are having a tough time with HSBC? Are their already any complaints against HSBC?

Most definitely. Here are a number of sites that should help:

If your lender is HSBC or Beneficial and you are in need of a loan modification, please complete the form to the right to have a free, in depth discussion regarding the best way to wrestle a permanent loan modification from HSBC. If you have additional questions about what exactly is a loan modification, or how one can help you, please take a look at the Loan Modification Q&A. For more information on Modification Zoom, please check out the About area.

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Mortgage Loan Blog » loss mitigation department

Mortgages Loans :CCO Mortgage & Citizens Bank Loan Modification

Best Mortgage Loan :HSBC Loan Modification