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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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Article Content:
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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Mortgages Loan :How Can a Loan Modification Help Me?

admin — Fri, 25 Dec 2009 02:23:07 +0000

A Mortgage Modification is the desirable resolution to financial trouble for mortgagees in need of mortgage aid, and as such has been the focus of a substantial degree of press recognition following the coming of the credit crisis.
Most reasonably, you are here on grounds that you

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Article Content:
A Mortgage Modification is the desirable resolution to financial trouble for mortgagees in need of mortgage aid, and as such has been the focus of a substantial degree of press recognition following the coming of the credit crisis.

Most reasonably, you are here on grounds that you in fact have discovered Loan Workouts, the aptitude they have to aid just about all homeowners, regardless if you are behind or current on your loan, and your as likely as not hunting for more enlightenment on Loan Modifications and loss mitigation practice.

My design through this post is to help you become a Home Loan Modification pro, so read on!

We’re going to review the essentials first:

What is a Mortgage Loan Modification?
A Loan Modification is a permanent alteration in the conditions of your existing mortgage as aceded to by you, the borrower and your mortgage lender.

Why on earth do I want a Loan Modification?
A Loan Workout can do many great things for you. Most importantly, succesful Mortgage Modifications lower interest rates, and of course, lower payments. There are borrowers throughout the USA saving tons each month because of Mortgage Modifications.

Further benefits of a Mortgage Loan Modification include the prospect of a decrease in the amountunpaid (principal balance reduction), a revision in the number of years of the loan, converting the loan into a lower, fixed-rate mortgage, and even clearing of late fees and legal fees.

Saving money each month? Lowering my interest rate? Wow that sounds great. What’s the catch?

Why would my lender help me?
Your mortgage lender has lost a huge amount of money due to foreclosures; most of the homes they foreclose on are underwater, meaning that the defaulted loans are significantly higher than the values of the properties. Sure, your lender will “lose” money when your payments go down, however, receiving any mortgage payment from you is better than no payment at all, or worse, having to foreclose on you.

How do I get a Mortgage Modification?
Friends, the name of the game is hardship. Well, it goes a little beyond simple hardship, but that’s what we’re going to start with. The first step to getting a Home Loan Modification is showing your lender that you simply can no longer afford to make your mortgage payments on time.

Now, different lenders adhere to different criteria for determining your “affordable” payment. Many lenders participate in Making Home Affordable, for example, wherein and aside from other guidelines, your “affordable” payment is 31% of your gross income (income before taxes).

Other lender’s use different guidelines to qualify you. With Indymac, for example, the magic percentage of your gross income is 38% (under FDIC’s Mod-in-a-Box program). This “affordable” payment is the total of your Principal, Interest, Taxes, Insurance, and HOA Fees (if applicable).

Still other lenders utilize an archaic system of totaling up your total net income, then subtracting expenses. For many “in-house”, non-Government backed Loan Workout programs, lenders may use a combination of both qualification methods.

Getting qualified is as simple as contacting an expert who can aid you. An expert can also ensure you hit key target hardships that will help you qualify for a Mortgage Modification, and, being a wonderful expert, I’m going to give you a couple of the best hardship’s for free, right here!

Justin’s Acceptable Loan Modification Hardships

A Quick Guide to the Loan Workout Process

Write a Hardship Letter. Need help writing a hardship letter?
Get on the phone with your loss mitigation department. (There’s a complete list of lender loss mitigation department contact numbers at the bottom of the resources page of this website.)
Set realistic expectations, and document your conversation with your lender – start a log – called Countrywide, 12:00 pm Saturday the 29th, spoke with Dave regarding HAMP Loan Modification, faxing over required documents.
Send required documents that your lender needs – Bank statements, tax returns, paystubs, etc.
Negotiate for the best terms that you can on your Loan Modification.
Sign your Loan Workout agreement.

Alrighty, hopefully you’ve got a pretty good idea of what to do to get a Loan Modification. If you need assistance, the best place to get aid is by completing the form to the right. I know that we’ve covered a good deal of Loan Modification information, but there’s a good deal more Mortgage Loan Modification facts that you should know prior to contacting your lender, for example, which programs your lender participates in, and what the guidelines are of those programs. Also, you may want to find a direct contact number so that you don’t have to wait on hold for hours and hours. We’ve got that and more throughout this website, and experts are always standing by to offer you free advice and offer free consultation. We ask that if you do need loan modification representation, that you consider Modification Zoom first!

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