There’s a new kind of Home Loan Modification coming soon to your town. This one promises to be easier, faster, and more helpful to you. You won’t need to be concerned about HAMP or hardship letters or 31% debt-to-income ratios any more. The new home loan modification can be a reduction of the primary balance of your respective loan and it’s a direct result of the dramatic revelations of lender mistakes and abuses which have come to light in September and October of 2010.

The most important oversight lenders made was using MERS to join up to the sale of loans inside secondary market. We’ve got coined the phrase the „MERS Charade“. Using MERS or the „Mortgage Electronic Registration System“, lenders bypassed the legally required means of tracking sales of mortgages to a different owner. Owner of a mortgage is legally required to file a „Notice of Assignment“ on the county recorder’s office. But lenders realized the price of these recordings would reach several hundred million or possibly billions of dollars. So, they created MERS to maintain track of mortgage sales. This, however is prohibited, and has ended in foreclosures being vacated with the courts.

There is absolutely no more hardship requirement, no more income qualification, no more „trial“ modification. You don’t have to wonder if the lender will probably arbitrarily deny you for reasons you can’t fathom. It can help the negotiation process if you’re underwater to some degree, but it’s not required. Also, you don’t should be behind in payments. You merely approach your lender along with your negotiation request and pay attention to what they’ll be prepared to negotiate.

Needless to say, it’s never going to be that simple. Your loan service isn’t likely to just carry over right away. You need to be persistent and provides your situation from your legal perspective – cause them to become see that you understand the law and why the loan is no longer secured through your home. It’s not until faced with a reputable threat of lawsuit that they can be willing to barter. The good news is how the lenders know they have no recourse now and are more willing than ever before to salvage something from what is because of this a terrible situation for them.

If you don’t contain the legal expertise or time and energy needed to see your home loan modification negotiation to the end, you may get help from reputable home loan modification companies. Choose a loan modification company for instance Loan Modification USA that has a 100% money-back guarantee because of their work and definately will let you begin to see the status of the negotiation in real-time utilizing a web portal. You can also click the website link that follows to find out in case your loan is really a job seeker for the mers loan modification providing a principal reduction on your home.

Should your loan was registered in MERS, it’s likely you can aquire a principal reduction on your loan. There isn’t any „qualifying“ for a MERS principal reduction since there was which has a federally sponsored HAMP mortgage loan modification (HAMP stands for Hamp program and is the federal government program for rate of interest reduction loan modifications). Simply negotiate with your lender to get your principal balance flattened.

Most people are confused about the best loan modification programs. Visit us to get the latest info regarding loan modification programs.