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Hummingbird Loans A Simple Loan Modification Guide - Straightforward And Simple

Hummingbird Loans A Simple Loan Modification Guide - Straightforward And Simple

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You're not alone these days if you suddenly find yourself unable to pay your monthly mortgage payments. The rate of foreclosures is skyrocketing, and house prices are plummeting. If you're in trouble with your home mortgage, you need to read this simple hummingbird loans adverse credit loans direct lenders modification guide to learn what to do next.

First, find a reputable financial counselor. This section of the yellow pages has exploded recently with new companies helping people with troubled finances. You can choose from any number of reputable companies (just make sure they are in good standing with the Better Business Bureau), or you can get a referral for free financial counseling from your local HUD office. A counselor will discuss your situation and your options, helping you to find the best next step.

Second, if loan modification is for you, you need to write a hardship letter to your lender. You counselor can help with this, or you may use any number of free hardship letter templates on the Internet. Basically, your letter is a brief statement of your financial difficulties and why you can't afford your mortgage payments. Your counselor will submit this to your lender.

Third, you need to supply financial documents. These will usually be submitted to your lender at the same time as your hardship letter. Copies of tax returns and pay stubs, as well as any documentation relating to your hardship (divorce papers or copies of medical bills, for instance) will be required. Verification of your gross monthly income will be required if you are getting a modification under the Making Home Affordable plan's Homeowner Stability Initiative.

Though there are many ways to modify a home hummingbird loans online bad credit installment loan, the most common is through the Making Home Affordable plan that just went into effect on March 4, 2009. Until 2012, qualifying homeowners can obtain loan modifications that lower their monthly payments to 31% of their gross monthly income. So if your income has dropped suddenly due to a layoff or forced pay cut at work, you may be eligible.

Making Home Affordable includes a $75 billion initiative to help American avoid foreclosure by providing incentives to participating lenders and homeowners for successful modifications and payments. Right now, only loans backed by Fannie Mae and Freddie Mac are eligible for modifications through Making Home Affordable, but your lender may have other provisions for loan modification in place even if your loan is not a Freddie or Fannie hummingbird loans cash installment loans no credit check.