If you do NOT qualify for a loan modification then try some of these other tips for lowering your mortgage payment
There are several things you can do to lower your monthly mortgage payment. Many small items are often over looked by the consumer.

Property Insurance. – Shop around twice per year or change coverages. This could be worth $50 a month.

Real Estate Taxes- Call property appraiser to reduce taxable value. With property values dropping this can save several hundred dollars and make a real difference each month.

Regular Refinance – If market rates are lower than what you have now check into refinancing

HARP Government Refinance- If you are underwater on value but have a Fannie Mae or Freddie Mac Mortgage this is a great program that really works

Click Here to Get a Free Refinance Rate Quote!

• Loans originated on or before January 1, 2009.
• First-lien loans on owner-occupied properties
• Unpaid principal balance up to $729,750. Higher limits are allowed for multi-unit properties.
• Delinquency is not a requirement for eligibility.
• Loans can only be modified one time under this program.

How do I get started?

If you meet the above eligibility requirements, mail the following documentation to:

• Completed and signed IRS 4506-T form.
• The two most recent pay stubs for each wage earner on the Note
• The most recent tax returns for each customer on the Note
• A signed affidavit of financial hardship.Please gather the following information and have this ready.  You may enter your financial information online, or call us to speak to a Loan Counselor.
  • Income (monthly gross and take home pay).
  • Checking and Savings Account balances
  • Other assets (boat, cars, personal property)
  • Expenses (monthly household expenses)
  • Other Expenses (auto loans, credit card payments, etc.)

  Important Links
  http://makinghomeaffordable.gov/
  http://www.treas.gov/initiatives/eesa/
  http://www.financialstability.gov/

Lower Mortgage Payments dot Org is changing the way we do business we are becoming a membership site which will have a staff dedicated to assisting property owners get their loan modifications approved.

You will simply sign up and create your login and password. We will email you the loan modification document package. You complete the package and submit to your lender. You will surely need some help along the way and that is where we come in. You just post what you need in the forum and we will help you get your loan modification approved free of charge.

There will be a video classroom area that will have step by step videos on how to complete the all of the paperwork and hardship affidavit.

We will post videos and audios on what to say to your lender when you make your first call and one for follow up calls too!

There will be a section with lender secrets. Without these knowing these secerts you may get turned down just because you had a little too much money in you checking or savings accounts or because the lender thinks you just went out and bought a luxury item and you do do not have a valid hardship.

Wouldn’t you like to know all this stuff before you speak to your lender?

Here is the best part our members area will be free for all founding members.

Most of the live assistance will delivered in our forum.

Check back soon memberships will be on a first come first serve basis.  We will add a button when it opens up here and on the side bar section of the site.

What is a loan Modification?

A Loan Modification, or “Loan Workout Plan” is a permanent change to th terms of your mortgage and note that you signed when you bought your home. The Loan Modification is a Loss Mitigation Strategy, because of this, Principal Reductions are rare. Banks will typically Lower your Mortgage Payment by lowering your interest rate and extending the term of your loan.

A Loan Modification is not is a Refinance. It is not a new loan, so you do not need to have Equity in your home in order to preform a Loan Modification. also because it is not a new loan, the charges for a Loan Modification service is normally much less than a Standard Refinance.
Also, unlike a Refinance, a Loan Modification does not put you into more debt by adding fees onto your loan.

A Loan Modification is a Permanent Change to your Mortgage. If Your bank offers to lower your payments for 6-18 months or move your late payments to the end of the loan, It is not a Loan Modification. That would be called a forbearance, and many times has been labeled a “Temporary Loan Modification” to mislead Borrowers. Forbearances and Temporary Loan Modifications do not solve your problem, they just delay it.
A Loan Modification is permanent, it lowers your mortgage payment for the life of the loan.

So, Who Qualifies for a Loan Modification?
According to the standard set by the Federal Government, A Borrower Qualifies for a Loan Modification if they have had some sort of Hardship.

So, What is a Hardship?
Well Here are a few examples of a hardship:
If Your home is Worth more than you Owe
If you have No Equity
If you have an Adjustable Rate Mortgage or ARM Loan
If you or your spouse are making less than you did when you got the loan
If you or your spouse has lost their job since you got the Loan
If you have been Divorced, or separated since the time you got the Loan.

These are just a few examples of what the government and banks view a Hardship as.  This means about 75% of home owners in Florida Qualify for a Loan Modification.

So, Who Should I Call, My Bank or a Loan Modification Company?
You Should Contact a Third Party Instead of going Straight to your bank. When you talk with your bank and the person on the other end give you an offer, do you really think they will give you the best offer? the person on the other line WORKS FOR THE BANK! They have been told to keep the bank making the most money off of you as possible.
Loan Modification Companies are typically Mortgage Broker Businesses, People who have years of experience negotiating with banks and serving their customers. They know how the banks work and what the banks want to see. They can Negotiate the best possible Loan Modification for you, with out the headache of spending hours per week on the phone with the bank.

How Long Does A Loan Modification Take?
Even the best Loan Modification Companies average 4-8 Months.  Most banks are not willing to negotiate with their customers. They make the process difficult so they do not have to make as many Loan Modifications. Companies who specialize in Loan Modifications can get Loan Modifications done quicker with less hassle to you than If you did it yourself.

1st Prize $75 – Tony D.

2nd Prize $50- Terry K.

3rd Prize $25 – Gary T.

Check Back Soon for our online Follow up Contest! Over $100 in books to be given away. Our money went to a good Frank McKinney charity to get the books for you. So your entry will be for a good cause..

This kit does not include our detailed professional, proposal , pre-qualification, doc prep, or  3 rd party representation . Contact us for full explanation of services and free pre-qualification. We also offer a premium kit for sale that includes our propitiatory information and complete training. Live training is also available. Call or text 813-421-2663

hamp-mod-kit-consumer-v1 All forms in a zipped folder- Download, open and extract all files to your desktop

Individual forms can be downloaded from the links below

loan-mod-checklist-full-service-letterhead

authorization-to-release-information

loan-mods-sound-too-good-to-be-true-lml

hamp-hardship-affidavit-1021
hmpfraud
financial-worksheet
f4506t

Wachovia / World Savings Loan – PITI Payment reduced by $700 monthly to $2375. Davie FL. Principal Reduced from $463,000 to $426,000. Rate Reduced from 5.94% to 4.706%

SPS – Payment reduced from $2600 to $1332 PITI ( investment property ) Tampa FL

Option One / H & R Block – offer to reduce from $1026 to $868 PITI – ( investment property ) Lakeland FL

If your loan is with these lenders or any others and you could use a lower payment then contact us today while the banks are being strongly encouraged to approve more Mortgage Loan Modifications than ever by our government.  Call 813-421-2663 or 1-800-287-8858 right now.

Lower Mortgage Payments dot org has created a Loan Modification Forum as the first phase of creating a Free Loan Modification Community where we will be offering free mortgage assistance.
As a way to jump start our forum and attract plenty of new links we will be adding links to different lender forms and additional resources previously only shared with our Loan Modification do it yourself – DIY Kit buyers.

New laws take affect in two stages here in Hot Sunny Florida. As we interpret the Florida Loan Modification Laws effective July 1st, 2009. All loan modification companies will have to get a signed written contract and deliver the services contracted for prior to receiving any compensation or fees for mortgage loan modification services.

We are satisfied with the loan modification regulations here in Florida and believe it will eliminate some of the bad apples in our industry. We are have been in compliance with the laws taking effect. Lower Mortgage Payments dot org offers two loan modification services. The first is our doc preparation service where we produce a fully customized to the client’s situation mortgage loan modification package produced by a real person not a loan modification software application. We also offer our Loss mitigation or Mortgage Loan Modification negotiation services where we will get you the best offer from your lender. Clients can choose to purchase one or both services and will only pay once services are complete. We are also available for a free loan modification consultation that lasts about 15-30 minutes.

More new mortgage loan modification laws will be taking effect January 1, 2010. Stay tuned and get your free loan modification documents from our loan modification forum.

Enter you name and email to win a Free Mortgage Loan Modification

Thank You for your trust and support

Lower Mortgage Payments dot Org.

What is a Loan Modification?

Learn how to apply for a loan modification

Learn How to fill out all of the paperwork your lender will ask for

DIY Kit will be included with the seminar and can be emailed with paid registration in advance

Help filling out your paperwork at the seminar

Leave with a complete Mortgage Loan Modification Package Ready to submit to your lender.

What do you think? Use the contact form below if you would like to learn all about the benefits and how to qualify for a loan modification in Tampa.

I will be holding the Tampa Loan Modification Seminar once or twice per month based on number of sign-ups. We will hold the first one on a Saturday in June. There are only 10 spots available First Come First Serve.