Resources: Government Information
Do you need help with making your home affordable again? Below are some government resources with additional information on the Home Affordable Modification Program as well as the short sale process.
Home Affordable Modification Program
The Federal Government recently introduced the Home Affordable Modification Program to help Americans who are in the process of making home affordable again. This program was introduced on March 4, 2009 and provides incentives to mortgage lenders to complete more loan modifications for their customers.
The eModifyMyLoan product uses your gross monthly income information and debts to calculate the mortgage payment that you could qualify for if eligible based on the requirements of the government’s program.
For More information on the Home Affordable Modification Program, please visit www.makinghomeaffordable.gov.
Short Sales & Liability
It is possible that a Short Sale can result in a deficiency judgment. A deficiency judgment is a liability for the amount the lender was shorted in their payoff when the home was sold. Laws vary by state, so we encourage you to discuss this possibility with a real estate attorney in your area before pursuing a short sale. If you would like us to refer an attorney to you, please send us an e-mail.
We also recommend you speak to your tax advisor regarding any potential tax liability that may be created by doing a short sale. You can find more information by clicking the following link to the Internal Revenue Service Web site.
Resources: Working with Your Lender
In working directly with lenders to develop the eModifyMyLoan and eShortSaleMyHome online application systems, you are now provided with the tools to successfully negotiate a loan modification agreement or short sale. Obtaining a short sale or loan modification agreement is not something that happens overnight, however, and there are things you should keep in mind to help make the process easier for you.
Patience & Persistence
Patience and persistence are a must when working with your lender on a short sale or loan modification agreement. Lenders’ loss mitigation departments are negotiating thousands of short sales. Likewise, lenders are buried with requests to handle the loan modification agreement process.
Be Complete & Accurate
It is important that your loan modification agreement package is complete and accurate. Missing information will delay the process. Oftentimes customers talk to a different employee each time they call their lender. Lost information and re-telling the same story over and over again delays the process and adds frustration. Therefore it is critical that you have the most complete and accurate information upfront to make it a smoother and faster process.
Use the Phone Call Log provided with your package to document each and every phone call you make to your lender regarding the short sale negotiation or loan modification agreement process. Be sure to get the employees’ first and last names so that you have a complete record of the conversations.
If you don’t hear back from your lender about the short sale or loan modification agreement, don’t be shy about calling them. Call as often as you can. You are your best advocate in the process.