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brewerlinda1995 · 4 years ago

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car insurance in greensboro nc

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car insurance in greensboro nc

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melissawalker01 · 5 years ago

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Can I Qualify For A Loan Modification?

A loan modification is a formal agreement between a borrower and a lender that modifies or amends a pre-existing loan. The original terms of the mortgage can be modified to lower the unpaid principal balance, interest rate, or a combination of both, which in turn lowers the monthly mortgage payment.

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Most banks are in the business of lending, not owning real estate. They make money when a loan is performing or paying on time, not when it’s delinquent. When homeowners fall behind, banks protect their interest in the property by initiating foreclosure. This legal process can be expensive and time-consuming. Most banks would prefer an alternative solution that gets the homeowner back on track and paying again — avoiding foreclosure if possible.

Loan modifications are designed to adjust the terms of the loan to make the loan more affordable in the long run and, hopefully, keep the borrower from defaulting again in the future.

Qualifying for a loan modification

Qualifying for a loan modification program greatly depends on your personal financial situation and the length of time your loan has been in default. The longer a loan is delinquent, the less likely the mortgage company will be to consider a modification. Additionally, the homeowner will likely need to provide evidence of hardship, explaining what circumstance has negatively impacted their ability to repay the loan, such as: • Death of a spouse or income provider. • Temporary loss of income. • Divorce. • Medical illness. • Emergency. Loan modifications are one loss mitigation option. Loss mitigation is a term used in the mortgage industry that refers to the mortgage company’s or loan servicer’s process to mitigate a loss — or in other words, prevent foreclosure. Most servicing companies or lenders will want you to apply for loss mitigation, and they will determine whether you qualify for a modification. If you simply cannot afford a mortgage any longer, an alternative solution like a deed in lieu or short sale may be a better option for both parties.

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Applying for a loan modification

If you feel you could benefit from a loan modification, reach out to your lender or servicer’s loss mitigation department as soon as possible requesting a loan modification application.

Most application packages will ask you to submit a hardship letter in addition to your current financial information, which could include: • Tax returns. • Proof of income, which could be copies of pay stubs. • A current financial statement or financial summary. • Estimation of property value. • Bank statements. • Proof of hardship (such as death certificate, medical statements, divorce papers, etc.).

Lenders will look at the entire packet in addition to reviewing your credit score, debt-to-income ratio, and current loan terms to help determine whether you qualify.

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Some banks will have their own modification programs, while others will use government-backed programs like:

• Freddie Mac’s Flex Modification program. • Fannie Mae’s High Loan-to-Value Refinance. • Freddie Mac’s Enhanced Relief Refinance program. If you have a Freddie Mac or Fannie Mae mortgage, you may be eligible for one of these programs.

While you can apply for a loan modification yourself dealing directly with your bank or lender, you can also use a HUD-approved housing counselor or an independent, third-party loan modification company to help you with this process.

A loan modification company charges a fee for its services. A HUD-approved housing counselor offers their services for free since they are a government agency.

Both represent the homeowner through the modification request process, helping them gather and submit the required paperwork and negotiate terms with the bank, and they can even help counter if the application is denied or assist in filing an appeal.

A HUD-approved housing counselor is often a safer, more affordable way to go, but if you do work with a loan modification company, make sure they have verifiable experience getting affordable home modifications approved for other homeowners as well as experience negotiating with your bank or lender. You’ll also need a firm understanding of what fees they charge for their service.

Qualifying for a Loan Modification

Qualifying for a mortgage loan modification can be rough. With all the horror stories out there, you can’t blame some borrowers for just not wanting to try. But there are some general guidelines that can give you a pretty good idea of whether you can succeed or not.

Part of the confusion is because lenders have their own standards apart from the government’s Home Affordable Modification Program (HAMP). For example, HAMP guidelines specifically state that you don’t have to be delinquent on your mortgage to qualify. However, many lenders won’t consider you for the program until you’ve started missing payments. Another thing is that HAMP isn’t the only type of loan modification out there. In fact, you’re about twice as likely to qualify for a non-HAMP loan modification as you are to get one under the government-backed program. These private, or proprietary, loan modifications are done according to the lender’s own rules, whereas HAMP sets forth certain requirements that lenders must adhere to.

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That being said, there are some basic guidelines that you have to meet to qualify for any type of loan modification:

You have to be suffering a financial hardship.

This may be a loss of a job or reduced income, a serious illness, costly medical bills, a balloon payment due on your mortgage, a divorce or excessive debt are all examples. A loss of equity or the fact that your home has lost value is not considered a qualifying financial hardship by itself.

In most cases, you have to be able to show the situation is an enduring one that is not likely to improve in the foreseeable future – for example, a salesperson who’s having a bad year will probably have a difficult time qualifying.

You also have to be without cash reserves that would enable you to continue making your mortgage payments. For example, Chase will not consider you for a loan modification if you have savings or other cash assets greater than three times your monthly mortgage payment. Retirement savings accounts that penalize early withdrawals are not included.

You have to show you cannot afford your current mortgage payments. It doesn’t matter if you’re financially stressed, if the bank thinks you can find a way to meet your payments, they’re not going to approve you. This is one reason why many lenders require you to actually be in default before they’ll consider you for a loan modification – if you’re still making your payments, they’ll figure you can still afford them. To qualify, lenders will generally expect that your total recurring debt payments exceed 41 percent of your gross monthly income, with your mortgage exceeding 31 percent. Some will expect an even heavier debt load. They’re also going to take a look at what kind of debt you have – if you seem to be making payments on a car you can’t afford, or otherwise appear to be living beyond your means, they’ll expect you to tighten that up before they approve you for a loan modification.

You have to be able to show that you can stay current on a modified payment schedule. Lenders aren’t going to go to the trouble of giving you a loan modification if you’re still going to default anyway. That’s why unemployed persons can’t qualify for a loan modification, unless they have a spouse who’s still working – you need to have some way of making the payments, and unemployment compensation eventually runs out.

You’re going to have to be able to document your income, meaning pay stubs or W-2’s if you’re an employee, or tax returns, bank statements or profit-and-loss statements if you’re self-employed. If you’re depending on secondary sources of income to help pay your mortgage, you’ll have to document those as well.

The property has to be your primary residence to qualify for a HAMP modification.

This is a hard-and-fast rule with HAMP. However, lenders may be more flexible with private modifications. They may be willing to modify a loan on a rental property, since it produces the income needed to pay the note. In some cases, they may even approve a modification on a second home, if they think they’d take a big loss retaking it in foreclosure. But generally speaking, you have to live there in order to get a loan modification on the mortgage.

Getting a loan modification can be a difficult and frustrating process. But nearly 700,000 U.S. homeowners succeeded in obtaining permanent mortgage modifications through the first eight months of 2011, according to the HOPE NOW Alliance. Maybe you can join them.

Will I Qualify for a Mortgage Loan Modification?

Applying for a mortgage loan modification is much like applying for a general mortgage. Factors for the lender to consider in a loan modification will include income and the likelihood that it will continue, as well as how much equity you have in the property.

Primary Residence

Getting a loan modification on a primary residence, which is the property where the borrower lives as their main home, is usually much easier than getting one on an investment property.

As a rule, lenders are more conservative with investment properties than with homes that borrowers live in. This reason is because if a landlord is dependent on renters for the income to cover the mortgage payments, the fact is renters may pack up and leave at the end of their lease, sometimes earlier. The renters have no attachment to the property.

However, homeowners usually have an emotional attachment to their property, and usually do what they can to keep it. Additionally, knowing that a foreclosure could disqualify them from buying another home for the next four to five years gives them more incentive to want to keep their home, or at a least get out from under the mortgage without going through a foreclosure.

Financial Hardship or Distress

Borrowers, for a variety of reasons, may find themselves in financial hardship, causing them to be unable to pay their mortgage every month. Loss of income or unexpected expenses are generally the culprits, and may legitimately result from job loss, business difficulties, a divorce or a medical situation, among causes.

Lenders understand that this stuff happens, but they want to know how a borrower is going to move forward from the hardship and into a position to be able to make payments once the mortgage is modified. Write a hardship letter to the lender at the beginning of the process, and include it in the modification application package to both help save time for overworked lender employees, and clarify where you, the borrower has been, and where you are headed.

Unable to Refinance Mortgage

Refinancing into a lower interest rate or better terms is usually the preferred option for borrowers who are looking to lower their mortgage costs. A loan modification is typically the choice for those who can’t refinance, or whose mortgage already offers attractive terms but need some temporary “breathing room” to get through a financial hardship. However, because a refinance needs good credit, borrowers who expect possible financial stresses down the road should begin to explore a refinance immediately, rather than wait for trouble to arrive. A borrower who has begun to miss or be late on mortgage payments will likely face challenges in trying to refinance, due to a damaged credit rating, and might find that a loan modification is their sole option at that point.

Debt-to-Income Ratio

One of the main factors a lender takes into consideration for loan modifications is the borrower’s debt-to-income ratio. This is the ratio of gross monthly income (before taxes) to total mortgage payment. Lenders vary in the maximum debt ratios they’ll accept, but are generally in the 36 percent to 45 percent range. Compensating factors such as credit score, and the amount of equity in the property will lend to the decision that the lender makes in determining if a borrower should get a loan modification.

Important factors to consider

Remember that the bank or servicing company is working for the lender’s best interest. You may receive an offer that isn’t an affordable modification plan. Adjustable rates or step-up plans rarely work. Press your lender to provide you with modification terms that you can sustain in the long run.

Don’t feel pressured to accept the first modification offer that comes to the table. Terms are negotiable. Make sure all options for adjusting the terms of the loan have been explored. Depending on what the lender modifies, you could end up paying a lot more over the life of the loan. There is almost always a positive solution for both parties, one that agrees with the bank’s bottom line and is an affordable long-term solution for you. If you need help, remember to find a qualified, experienced, and licensed counselor to help you through this process.

Loan Modification Free Consultation

When you need legal help with a loan modification in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

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from Michael Anderson https://www.ascentlawfirm.com/can-i-qualify-for-a-loan-modification/ from Divorce Lawyer Nelson Farms Utah https://divorcelawyernelsonfarmsutah.tumblr.com/post/617965094211616768

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asafeatherwould · 5 years ago

Text

Can I Qualify For A Loan Modification?

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Loan modifications are designed to adjust the terms of the loan to make the loan more affordable in the long run and, hopefully, keep the borrower from defaulting again in the future.

Qualifying for a loan modification

youtube

Applying for a loan modification

If you feel you could benefit from a loan modification, reach out to your lender or servicer’s loss mitigation department as soon as possible requesting a loan modification application.

Lenders will look at the entire packet in addition to reviewing your credit score, debt-to-income ratio, and current loan terms to help determine whether you qualify.

youtube

Some banks will have their own modification programs, while others will use government-backed programs like:

A loan modification company charges a fee for its services. A HUD-approved housing counselor offers their services for free since they are a government agency.

Qualifying for a Loan Modification

youtube

That being said, there are some basic guidelines that you have to meet to qualify for any type of loan modification:

You have to be suffering a financial hardship.

The property has to be your primary residence to qualify for a HAMP modification.

Will I Qualify for a Mortgage Loan Modification?

Primary Residence

Getting a loan modification on a primary residence, which is the property where the borrower lives as their main home, is usually much easier than getting one on an investment property.

Financial Hardship or Distress

Unable to Refinance Mortgage

Debt-to-Income Ratio

Important factors to consider

Loan Modification Free Consultation

When you need legal help with a loan modification in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Duty To Disclose In Foreclosures

What Are Rape And Sexual Assault?

Stop Repossessions With Bankruptcy

Divorce And Refinancing

ATV Accident Lawyer Grantsville Utah

Is There Any Likelihood Of A Wife Keeping The House In Divorce?

Source: https://www.ascentlawfirm.com/can-i-qualify-for-a-loan-modification/

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advertphoto · 5 years ago

Text

Can I Qualify For A Loan Modification?

youtube

Loan modifications are designed to adjust the terms of the loan to make the loan more affordable in the long run and, hopefully, keep the borrower from defaulting again in the future.

Qualifying for a loan modification

youtube

Applying for a loan modification

If you feel you could benefit from a loan modification, reach out to your lender or servicer’s loss mitigation department as soon as possible requesting a loan modification application.

Lenders will look at the entire packet in addition to reviewing your credit score, debt-to-income ratio, and current loan terms to help determine whether you qualify.

youtube

Some banks will have their own modification programs, while others will use government-backed programs like:

A loan modification company charges a fee for its services. A HUD-approved housing counselor offers their services for free since they are a government agency.

Qualifying for a Loan Modification

youtube

That being said, there are some basic guidelines that you have to meet to qualify for any type of loan modification:

You have to be suffering a financial hardship.

The property has to be your primary residence to qualify for a HAMP modification.

Will I Qualify for a Mortgage Loan Modification?

Primary Residence

Getting a loan modification on a primary residence, which is the property where the borrower lives as their main home, is usually much easier than getting one on an investment property.

Financial Hardship or Distress

Unable to Refinance Mortgage

Debt-to-Income Ratio

Important factors to consider

Loan Modification Free Consultation

When you need legal help with a loan modification in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Duty To Disclose In Foreclosures

What Are Rape And Sexual Assault?

Stop Repossessions With Bankruptcy

Divorce And Refinancing

ATV Accident Lawyer Grantsville Utah

Is There Any Likelihood Of A Wife Keeping The House In Divorce?

Source: https://www.ascentlawfirm.com/can-i-qualify-for-a-loan-modification/

0 notes

michaeljames1221 · 5 years ago

Text

Can I Qualify For A Loan Modification?

youtube

Loan modifications are designed to adjust the terms of the loan to make the loan more affordable in the long run and, hopefully, keep the borrower from defaulting again in the future.

Qualifying for a loan modification

youtube

Applying for a loan modification

If you feel you could benefit from a loan modification, reach out to your lender or servicer’s loss mitigation department as soon as possible requesting a loan modification application.

Lenders will look at the entire packet in addition to reviewing your credit score, debt-to-income ratio, and current loan terms to help determine whether you qualify.

youtube

Some banks will have their own modification programs, while others will use government-backed programs like:

A loan modification company charges a fee for its services. A HUD-approved housing counselor offers their services for free since they are a government agency.

Qualifying for a Loan Modification

youtube

That being said, there are some basic guidelines that you have to meet to qualify for any type of loan modification:

You have to be suffering a financial hardship.

The property has to be your primary residence to qualify for a HAMP modification.

Will I Qualify for a Mortgage Loan Modification?

Primary Residence

Getting a loan modification on a primary residence, which is the property where the borrower lives as their main home, is usually much easier than getting one on an investment property.

Financial Hardship or Distress

Unable to Refinance Mortgage

Debt-to-Income Ratio

Important factors to consider

Loan Modification Free Consultation

When you need legal help with a loan modification in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Duty To Disclose In Foreclosures

What Are Rape And Sexual Assault?

Stop Repossessions With Bankruptcy

Divorce And Refinancing

ATV Accident Lawyer Grantsville Utah

Is There Any Likelihood Of A Wife Keeping The House In Divorce?

from Michael Anderson https://www.ascentlawfirm.com/can-i-qualify-for-a-loan-modification/

from Criminal Defense Lawyer West Jordan Utah https://criminaldefenselawyerwestjordanutah.wordpress.com/2020/05/13/can-i-qualify-for-a-loan-modification/

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mayarosa47 · 5 years ago

Text

Can I Qualify For A Loan Modification?

Loan modifications are designed to adjust the terms of the loan to make the loan more affordable in the long run and, hopefully, keep the borrower from defaulting again in the future.

Qualifying for a loan modification

Applying for a loan modification

If you feel you could benefit from a loan modification, reach out to your lender or servicer’s loss mitigation department as soon as possible requesting a loan modification application.

Lenders will look at the entire packet in addition to reviewing your credit score, debt-to-income ratio, and current loan terms to help determine whether you qualify.

Some banks will have their own modification programs, while others will use government-backed programs like:

A loan modification company charges a fee for its services. A HUD-approved housing counselor offers their services for free since they are a government agency.

Qualifying for a Loan Modification

That being said, there are some basic guidelines that you have to meet to qualify for any type of loan modification:

You have to be suffering a financial hardship.

The property has to be your primary residence to qualify for a HAMP modification.

Will I Qualify for a Mortgage Loan Modification?

Primary Residence

Getting a loan modification on a primary residence, which is the property where the borrower lives as their main home, is usually much easier than getting one on an investment property.

Financial Hardship or Distress

Unable to Refinance Mortgage

Debt-to-Income Ratio

Important factors to consider

Loan Modification Free Consultation

When you need legal help with a loan modification in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Duty To Disclose In Foreclosures

What Are Rape And Sexual Assault?

Stop Repossessions With Bankruptcy

Divorce And Refinancing

ATV Accident Lawyer Grantsville Utah

Is There Any Likelihood Of A Wife Keeping The House In Divorce?

from https://www.ascentlawfirm.com/can-i-qualify-for-a-loan-modification/

from Criminal Defense Lawyer West Jordan Utah - Blog http://criminaldefenselawyerwestjordanutah.weebly.com/blog/can-i-qualify-for-a-loan-modification

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aretia · 5 years ago

Text

Can I Qualify For A Loan Modification?

youtube

Loan modifications are designed to adjust the terms of the loan to make the loan more affordable in the long run and, hopefully, keep the borrower from defaulting again in the future.

Qualifying for a loan modification

youtube

Applying for a loan modification

If you feel you could benefit from a loan modification, reach out to your lender or servicer’s loss mitigation department as soon as possible requesting a loan modification application.

Lenders will look at the entire packet in addition to reviewing your credit score, debt-to-income ratio, and current loan terms to help determine whether you qualify.

youtube

Some banks will have their own modification programs, while others will use government-backed programs like:

A loan modification company charges a fee for its services. A HUD-approved housing counselor offers their services for free since they are a government agency.

Qualifying for a Loan Modification

youtube

That being said, there are some basic guidelines that you have to meet to qualify for any type of loan modification:

You have to be suffering a financial hardship.

The property has to be your primary residence to qualify for a HAMP modification.

Will I Qualify for a Mortgage Loan Modification?

Primary Residence

Getting a loan modification on a primary residence, which is the property where the borrower lives as their main home, is usually much easier than getting one on an investment property.

Financial Hardship or Distress

Unable to Refinance Mortgage

Debt-to-Income Ratio

Important factors to consider

Loan Modification Free Consultation

When you need legal help with a loan modification in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

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Source: https://www.ascentlawfirm.com/can-i-qualify-for-a-loan-modification/

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divorcelawyergunnisonutah · 5 years ago

Text

Can I Qualify For A Loan Modification?

youtube

Loan modifications are designed to adjust the terms of the loan to make the loan more affordable in the long run and, hopefully, keep the borrower from defaulting again in the future.

Qualifying for a loan modification

youtube

Applying for a loan modification

If you feel you could benefit from a loan modification, reach out to your lender or servicer’s loss mitigation department as soon as possible requesting a loan modification application.

Lenders will look at the entire packet in addition to reviewing your credit score, debt-to-income ratio, and current loan terms to help determine whether you qualify.

youtube

Some banks will have their own modification programs, while others will use government-backed programs like:

A loan modification company charges a fee for its services. A HUD-approved housing counselor offers their services for free since they are a government agency.

Qualifying for a Loan Modification

youtube

That being said, there are some basic guidelines that you have to meet to qualify for any type of loan modification:

You have to be suffering a financial hardship.

The property has to be your primary residence to qualify for a HAMP modification.

Will I Qualify for a Mortgage Loan Modification?

Primary Residence

Getting a loan modification on a primary residence, which is the property where the borrower lives as their main home, is usually much easier than getting one on an investment property.

Financial Hardship or Distress

Unable to Refinance Mortgage

Debt-to-Income Ratio

Important factors to consider

Loan Modification Free Consultation

When you need legal help with a loan modification in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Duty To Disclose In Foreclosures

What Are Rape And Sexual Assault?

Stop Repossessions With Bankruptcy

Divorce And Refinancing

ATV Accident Lawyer Grantsville Utah

Is There Any Likelihood Of A Wife Keeping The House In Divorce?

from Michael Anderson https://www.ascentlawfirm.com/can-i-qualify-for-a-loan-modification/

0 notes

gonnagoandrunwiththehorses · 5 years ago

Text

Can I Qualify For A Loan Modification?

youtube

Loan modifications are designed to adjust the terms of the loan to make the loan more affordable in the long run and, hopefully, keep the borrower from defaulting again in the future.

Qualifying for a loan modification

youtube

Applying for a loan modification

If you feel you could benefit from a loan modification, reach out to your lender or servicer’s loss mitigation department as soon as possible requesting a loan modification application.

Lenders will look at the entire packet in addition to reviewing your credit score, debt-to-income ratio, and current loan terms to help determine whether you qualify.

youtube

Some banks will have their own modification programs, while others will use government-backed programs like:

A loan modification company charges a fee for its services. A HUD-approved housing counselor offers their services for free since they are a government agency.

Qualifying for a Loan Modification

youtube

That being said, there are some basic guidelines that you have to meet to qualify for any type of loan modification:

You have to be suffering a financial hardship.

The property has to be your primary residence to qualify for a HAMP modification.

Will I Qualify for a Mortgage Loan Modification?

Primary Residence

Getting a loan modification on a primary residence, which is the property where the borrower lives as their main home, is usually much easier than getting one on an investment property.

Financial Hardship or Distress

Unable to Refinance Mortgage

Debt-to-Income Ratio

Important factors to consider

Loan Modification Free Consultation

When you need legal help with a loan modification in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Duty To Disclose In Foreclosures

What Are Rape And Sexual Assault?

Stop Repossessions With Bankruptcy

Divorce And Refinancing

ATV Accident Lawyer Grantsville Utah

Is There Any Likelihood Of A Wife Keeping The House In Divorce?

Source: https://www.ascentlawfirm.com/can-i-qualify-for-a-loan-modification/

0 notes

coming-from-hell · 5 years ago

Text

Can I Qualify For A Loan Modification?

youtube

Loan modifications are designed to adjust the terms of the loan to make the loan more affordable in the long run and, hopefully, keep the borrower from defaulting again in the future.

Qualifying for a loan modification

youtube

Applying for a loan modification

If you feel you could benefit from a loan modification, reach out to your lender or servicer’s loss mitigation department as soon as possible requesting a loan modification application.

Lenders will look at the entire packet in addition to reviewing your credit score, debt-to-income ratio, and current loan terms to help determine whether you qualify.

youtube

Some banks will have their own modification programs, while others will use government-backed programs like:

A loan modification company charges a fee for its services. A HUD-approved housing counselor offers their services for free since they are a government agency.

Qualifying for a Loan Modification

youtube

That being said, there are some basic guidelines that you have to meet to qualify for any type of loan modification:

You have to be suffering a financial hardship.

The property has to be your primary residence to qualify for a HAMP modification.

Will I Qualify for a Mortgage Loan Modification?

Primary Residence

Getting a loan modification on a primary residence, which is the property where the borrower lives as their main home, is usually much easier than getting one on an investment property.

Financial Hardship or Distress

Unable to Refinance Mortgage

Debt-to-Income Ratio

Important factors to consider

Loan Modification Free Consultation

When you need legal help with a loan modification in Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Duty To Disclose In Foreclosures

What Are Rape And Sexual Assault?

Stop Repossessions With Bankruptcy

Divorce And Refinancing

ATV Accident Lawyer Grantsville Utah

Is There Any Likelihood Of A Wife Keeping The House In Divorce?

Source: https://www.ascentlawfirm.com/can-i-qualify-for-a-loan-modification/

0 notes

michaeljtraylor · 6 years ago

Text

Real Roadside Assistance

We had a little drama last night, when I received a call from Mrs Saverocity that she was stuck at the side of a road and needed help getting home. I thought to share a ‘real life’ story that might help prepare you by reading, and me by listening to feedback, for this event happening to you.

Are you safe?

The first question that any roadside assistance asks is the same one that loved ones wonder. Are you in a safe place, and if not, let’s get true emergency services to you first. Luckily, they were in a safe spot, being able to pull in off the road, but still, I was quite worried about them both, since it was getting late.

Roadside assistance providers appear to outsource a lot

I think that this varies by location, but it was quite clear last night that all three of the firms that I spoke with would be farming out the business to a local shop. This fact made it quite interesting (and a little frustrating) to hear how they all dealt with the same situation, using their internal systems.

We have a lot of credit cards, so there’s a chance I forgot one and could have got free service (it will be free anyway, but more on that later) however, my goal was to get something out to my family as fast as possible, so a fee didn’t bother me that much.

In terms of coverage, I first checked my Altitude Reserve, since this is my premium credit card (I tend to hold only one $400+ fee card per year, such as the Amex Platinum, or the AA Executive) I was disappointed to hear that they didn’t offer this service, but I have a nagging feeling that they do, since the Visa Infinite program that is associated with the Altitude likely has something here.

I did some fast searching, and grabbed an Amex from my desk, we had just applied for a Delta Amex Gold, and they would provide Roadside Assistance for a ‘co-pay’ of $62.50 for the first 10 miles, then a few bucks a mile beyond that. I took them up on it, describing the location of the car (it was a scenic overlook that shows up on Google Maps) but while the rep could locate the car, they couldn’t guarantee service. The arrival time was quoted at 55 minutes, but that firm then cancelled when they heard we had a 3yr old in the car.

Does our car insurance cover this?

I got a text from Mrs S asking if we were covered under our car insurance policy, I wasn’t sure, so I asked Amex if I could cancel before their service arrived. My strategy here was to have them work behind the scenes to get service out there, while I checked with other options, then if I was able to get our insurance company, StateFarm, to come out, I would cancel Amex for no charge.

State Farm proved to be useless. While I did have Roadside Assistance, they wouldn’t dispatch service without an ‘address’. While we were both looking at the same location on Google Maps, the operator stated they couldn’t get anything to us without a street number. I grew a little exasperated at this point and asked them to help me figure it out. The call dropped, either by them hanging up, or by chance, and I never heard back.

What about third party coverage?

While Amex was hunting for a provider, and I was on the phone with StateFarm, I recalled that we may have family coverage with Allstate too, so I asked Mrs S to call them. She had similar problems talking with a human* there, and they refused to help because they stated that they were in a “State Park” and roadside assistance wasn’t allowed to come out. That call also dropped out.

Nobody gives a crap

We both lost our calls at around the same time (perhaps it was a sunspot?) so we circled back, at this time, Amex came back to us with a 45 minute arrival. We took it. What annoyed me was that I had just told StateFarm that my wife and child were stranded at the side of a road, and they didn’t even care to call back when the call dropped. Allstate did the same.

Once I knew that we had help inbound I called StateFarm back to complain, this wasn’t a fake complaint to get compensation, this was a genuine, “Why the F don’t you care about my family being stranded?” They apologized, and ensured that the rep would be educated and that I could claim the full amount of the pickup via reimbursement.

The family came home safe and sound, and after a lot of hugs we called it a night. When discussing the ‘why’ I called StateFarm, we decided that Allstate needed a call to. Unlike StateFarm, who were professional and apologetic about the incident, Allstate told me the reason nobody called back is that my wife had only spoken with a computer, not a human*. I called them out on this, and they apologized, and also promised to change the way that they deal with roadside assistance (aka blowed smoke up my backside) and also gave me an address to mail in for reimbursement.

Lessons Learned

We have too much coverage, and should cancel Allstate and edit Car Insurance coverage to save a few bucks each year, but it’s not a huge deal, so on the sometime/maybe list.

If you encounter soulless, untrained humans* when you have coverage from Car Insurance etc, then you can hang up and call someone else. The priority is getting the family home safely, then you can bill the charge to the company that should have done the job right.

Buy a car charging battery with USB outlets. We got something like this one not sure if it is the same model, but same idea. This can jump start your car, but also allowed Mrs S to keep her phone powered up via USB ports without using the car, super important.

Leverage and ‘cashing in on misery’

I could take the time to figure out if I should have had coverage with the Altitude, and then I could call up to get a bit of ‘goodwill’ but it isn’t the first thing that comes to mind. There are opportunities to benefit from bad situations, but also, I think it is important to not let that line of thinking pervade every decision. That’s just me though. As it is, we got a tow home, and another tow from home to the shop, and a rental car at 0.2x the discount rate via insurance to keep us going until we figure out if we need to start running Lease vs Buy spreadsheets.

The post Real Roadside Assistance appeared first on Saverocity Travel.

* This article was originally published here

from RSSMix.com Mix ID 8312273 https://proshoppingservice.com/real-roadside-assistance/ from Garko Media https://garkomedia1.tumblr.com/post/183907328024

0 notes

garkomedia1 · 6 years ago

Text

Real Roadside Assistance

Are you safe?

Roadside assistance providers appear to outsource a lot

Does our car insurance cover this?

What about third party coverage?

Nobody gives a crap

Lessons Learned

We have too much coverage, and should cancel Allstate and edit Car Insurance coverage to save a few bucks each year, but it’s not a huge deal, so on the sometime/maybe list.

Leverage and ‘cashing in on misery’

The post Real Roadside Assistance appeared first on Saverocity Travel.

* This article was originally published here

from RSSMix.com Mix ID 8312273 https://proshoppingservice.com/real-roadside-assistance/

0 notes

garkodigitalmedia · 6 years ago

Text

Real Roadside Assistance

Are you safe?

Roadside assistance providers appear to outsource a lot

Does our car insurance cover this?

What about third party coverage?

Nobody gives a crap

Lessons Learned

We have too much coverage, and should cancel Allstate and edit Car Insurance coverage to save a few bucks each year, but it’s not a huge deal, so on the sometime/maybe list.

Leverage and ‘cashing in on misery’

The post Real Roadside Assistance appeared first on Saverocity Travel.

* This article was originally published here

from RSSMix.com Mix ID 8312273 https://proshoppingservice.com/real-roadside-assistance/

0 notes

nicholerestrada · 6 years ago

Text

Real Roadside Assistance

We had a little drama last night, when I received a call from Mrs Saverocity that she was stuck at the side of a road and needed help getting home. ; I thought to share a ‘real life’ story that might help prepare you by reading, and me by listening to feedback, for this event happening to you.

Are you safe?

The first question that any roadside assistance asks is the same one that loved ones wonder. Are you in a safe place, and if not, let’s get true emergency services to you first. ; Luckily, they were in a safe spot, being able to pull in off the road, but still, I was quite worried about them both, since it was getting late.

Roadside assistance providers appear to outsource a lot

I think that this varies by location, but it was quite clear last night that all three of the firms that I spoke with would be farming out the business to a local shop. ; This fact made it quite interesting (and a little frustrating) to hear how they all dealt with the same situation, using their internal systems.

I did some fast searching, and grabbed an Amex from my desk, we had just applied for a Delta Amex Gold, and they would provide Roadside Assistance for a ‘co-pay’ of $62.50 for the first 10 miles, then a few bucks a mile beyond that. I took them up on it, describing the location of the car (it was a scenic overlook that shows up on Google Maps) but while the rep could locate the car, they couldn’t guarantee service. ; The arrival time was quoted at 55 minutes, but that firm then cancelled when they heard we had a 3yr old in the car.

Does our car insurance cover this?

I got a text from Mrs S asking if we were covered under our car insurance policy, I wasn’t sure, so I asked Amex if I could cancel before their service arrived. ; My strategy here was to have them work behind the scenes to get service out there, while I checked with other options, then if I was able to get our insurance company, StateFarm, to come out, I would cancel Amex for no charge.

State Farm proved to be useless. ; While I did have Roadside Assistance, they wouldn’t dispatch service without an ‘address’. ; While we were both looking at the same location on Google Maps, the operator stated they couldn’t get anything to us without a street number. ; I grew a little exasperated at this point and asked them to help me figure it out. ; The call dropped, either by them hanging up, or by chance, and I never heard back.

What about third party coverage?

While Amex was hunting for a provider, and I was on the phone with StateFarm, I recalled that we may have family coverage with Allstate too, so I asked Mrs S to call them. ; She had similar problems talking with a human* there, and they refused to help because they stated that they were in a “State Park” and roadside assistance wasn’t allowed to come out. ; That call also dropped out.

Nobody gives a crap

We both lost our calls at around the same time (perhaps it was a sunspot?) so we circled back, at this time, Amex came back to us with a 45 minute arrival. ; We took it. ; What annoyed me was that I had just told StateFarm that my wife and child were stranded at the side of a road, and they didn’t even care to call back when the call dropped. ; Allstate did the same.

The family came home safe and sound, and after a lot of hugs we called it a night. When discussing the ‘why’ I called StateFarm, we decided that Allstate needed a call to. ; Unlike StateFarm, who were professional and apologetic about the incident, Allstate told me the reason nobody called back is that my wife had only spoken with a computer, not a human*. ; I called them out on this, and they apologized, and also promised to change the way that they deal with roadside assistance (aka blowed smoke up my backside) and also gave me an address to mail in for reimbursement.

Lessons Learned

We have too much coverage, and should cancel Allstate and edit Car Insurance coverage to save a few bucks each year, but it’s not a huge deal, so on the sometime/maybe list.

If you encounter soulless, untrained humans* when you have coverage from Car Insurance etc, then you can hang up and call someone else. ; The priority is getting the family home safely, then you can bill the charge to the company that should have done the job right.

Buy a car charging battery with USB outlets. ; We got something like this one not sure if it is the same model, but same idea. This can jump start your car, but also allowed Mrs S to keep her phone powered up via USB ports without using the car, super important.

Leverage and ‘cashing in on misery’

I could take the time to figure out if I should have had coverage with the Altitude, and then I could call up to get a bit of ‘goodwill’ but it isn’t the first thing that comes to mind. ; There are opportunities to benefit from bad situations, but also, I think it is important to not let that line of thinking pervade every decision. That’s just me though. ; As it is, we got a tow home, and another tow from home to the shop, and a rental car at 0.2x the discount rate via insurance to keep us going until we figure out if we need to start running Lease vs Buy spreadsheets.

The post Real Roadside Assistance appeared first on Saverocity Travel.

* This article was originally published here

Source: https://proshoppingservice.com/real-roadside-assistance/

from Garko Media https://garkomedia1.wordpress.com/2019/04/03/real-roadside-assistance/

0 notes

studentloandebtreliefnow · 7 years ago

Text

Answers to Common Questions about Dependency Status and Financial Aid

Will my daughter’s chances for receiving financial aid be higher if we don’t claim her on our taxes? Household income is about $85,000 and she did not qualify for financial aid through the FAFSA. She is in a community college and is 20 years old. She recently moved out of our home but we are paying her college tuition. She has not received any scholarships. — Danielle V.

It does not matter whether you claim your daughter on your income tax returns or not; it will not affect her eligibility for federal student aid. The IRS and the US Department of Education use different definitions of dependency. The IRS definition is based on support. The US Department of Education definition is based on the student’s age, marital status and other qualitative factors. Unless your daughter gets married, has dependents other than a spouse or joins the military, she will continue to be considered a dependent student for federal student aid purposes until she becomes 24 years old.

Don’t forget to claim the Hope Scholarship tax credit (also known as the American Opportunity tax credit) on your federal income tax return based on amounts you paid for her tuition, fees and course materials.

I recently moved away from home. I’m working a part time job and am enrolled in college as a full time student. My mother is not really supporting me on going to school and our relationship isn’t good. I moved out of her home and receive no help from her or my father. I’m living with a friend now and pay rent. When I apply next year for financial aid do I file as dependent or independent? — Andrew A.

Ask the financial aid administrator at your college for a dependency override. Bring copies of letters from social workers, clergy and other people familiar with your situation.

Colleges cannot grant a dependency override merely because the parents refuse to contribute to the student’s college costs or to complete the FAFSA or verification. The student’s self-sufficiency also isn’t sufficient grounds for a dependency override.

But sometimes there are circumstances underlying the parental refusal to help that can support a request for dependency override. For example, colleges can grant a dependency override if there is a hostile or abusive family environment that would make it unsafe for the student to have further contact with his parents.

If a student doesn’t qualify for a dependency override, but the parents have cut off all financial support and refuse to complete the FAFSA, the most a college financial aid administrator can do is allow the student to borrow from the unsubsidized Stafford loan program.

I am currently a college freshman. I am 18 years of age and I moved out of my home in June. I currently pay rent among my other car, phone and living expenses. I rent a room from a family in my city, work 30 hours a week and have 5 classes on my schedule. Is there ANY financial aid or help I can get from anywhere? I’ve been told that its not possible and I find it rather upsetting that a self-supporting 18 year old student cannot get financial aid when they need it most, considering their other financial responsibilities. — Madison B.

A student’s financial self-sufficiency is not enough for the student to qualify for a dependency override. Until you reach age 24, you are considered to be a dependent student and your parents must complete the FAFSA. If you have a good relationship with your parents, ask them to complete the FAFSA. Tell them that it does not obligate them to pay for your college education, but will enable you to get financial aid such as student loans and grants.

I lost my job about one year ago. I live in my parents house with my fiance and two kids. My fiance works full time and I am collecting unemployment. My parents both work full-time but are not financially responsible for me. Does the fact that my family and I live with my parents affect the amount of FAFSA received? And also does my fiance’s pay affect my FAFSA as well? — Carolina V.

The word “fiance” is used when a couple is unmarried. This is in contrast with the words “spouse”, “husband” and “wife”, which indicate that the couple is married.

If you were married, you would be automatically independent and your living arrangement would not affect your eligibility for federal student aid. Likewise, if you are over age 24 you will be considered to be an independent student.

Assuming that neither is the case, your dependency status is based on whether you support a dependent other than a spouse. If you provide more support to your children than your parents, you are considered to have a dependent other than a spouse. Any support you receive from your fiance and from government benefit programs counts as part of your support to the children. But the support you provide must exceed the support your parents provide, which includes the fair rental value of the housing they provide for your children. You will need to do the math to see if you and your fiance are providing more support to your children than your parents. If you provide more support to the children, you are considered independent.

If you are independent, your parents’ information is not reported on your FAFSA. If you were married, your spouse’s financial information would be reported on the FAFSA. Since you are not married, your fiance’s income is not reported on the FAFSA. But any support provided by your fiance or your parents to you or your children must be reported as untaxed income on the FAFSA.

Will having my daughter claimed as a dependent on my parents’ tax return affect my student loan/financial aid? I had no income and put head of household on my financial aid application. I applied for financial aid by myself and my daughter lives with my mother while I attend school. — Kenneth M.

If your daughter is claimed on your parents’ income tax return, it means that your parents are providing more than half of her support. (There are some slight technical differences in the definitions of support used by the IRS and the US Department of Education, but they are usually not manifest in a situation where the student’s child is claimed on someone else’s income tax return.) If having a dependent other than a spouse was your only basis for independent student status, then you will be considered a dependent student and your parents will have to provide their financial information on your FAFSA. If your FAFSA is selected for verification, the college will question your head of household status, given that you have no income and do not have a qualifying child.

My 18-year-old brother is now under my care. I am 25 years old and I work full time and I am also going to school full time. My mother decided to move and left my brother without any financial assistance. He is a sophomore at a community college. I do not have a clue where to begin or what to do for him to get any financial assistance. I do not know if I am supposed to claim him in order for the FAFSA to help him out. If so, how do I start? — Andrea A.

Talk to the financial aid office at your brother’s college about your situation. Abandonment is sufficient grounds for a dependency override, but the college will want independent third party documentation of your family’s circumstances. Abandonment is defined as a lack of significant contact or support for an extended period of time, usually at least a year. If the college grants him a dependency override, he will be able to file the FAFSA on his own. Any support you provide him will then be reported as untaxed income to him on the FAFSA.

Source: Fastweb

#Student Loan Debt #Debt Loans #Student Loan Debt Relief

0 notes