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Nika, Other/Just Looking in Seattle, WA

I have relatives that are trying to modify their mortgage and are looking for a professional advice

Asked by Nika, Seattle, WA Wed Apr 1, 2009

I have relatives that have had their mortgage for about 2 year and in the last few months had difficulty paying it due to income reduction. Despite their negative cash flow the bank would refuse to do anything saying that they can make their payments. Do you have any recommendations on where to find more info on how to do loan modifications or whether there are knowledgeable professionals that provide consultations on the subject?

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Have them check out the "Making Home Affordable" website at
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1 vote Thank Flag Link Wed Apr 22, 2009
Kenzie, not everyone can do a loan mod themselves. Just like everyone can't sell their home themselves. Some people need help.
1 vote Thank Flag Link Thu Apr 2, 2009
As previously alluded to, loan modification options depend on the the lender that services the loan. Your relatives should contact the loss mitigation department of the lender and provide a hardship letter with financial documentation to explain, in detail, why they are having trouble making payments. It is also important to know if it is a Fannie Mae loan.

However, there are a lot of these going on right now and most of the homeowners, in my experience, have missed payments or proved that there is no way they can make the current payment amount. So if their situation is one where they can make the mortgage payments by eliminating other expenses, the lender may not consider it crucial. If they can show that they have cut back on other expenses and are still in a negative cash flow, then they may get a favorable response.

Talk to a mortgage broker (perhaps one will answer here) to get advice. You could contact Tony Veliz through my website at this link.
1 vote Thank Flag Link Wed Apr 1, 2009
Here is one place we have talked about it:…

Here is some fannie mae info about it:;jsessi…

Here you can find out if the mortgage is owned by fannie mae:

You will need to show your hardship, here is a sample form:…
1 vote Thank Flag Link Wed Apr 1, 2009
There are loan modification companies you can hire, but they tend to run around $1,500 to $3,000 up front. You can apply for loan modifications yourself by just calling the bank, asking them to apply and submit the necessary documentation along with a financial snapshot of expenses. You have to be able to afford your payments, therefore not be in too much negative cash flow. You are also able to submit a hardship letter explaining your situation, whether it is temporary or permanent and what it is you are looking for... reduction of interest rate, reduction of payment, removal of missed payments if any...
I am a short sale expert if your relatives are unable to get loan modification and would be happy to assist should they need to sell (although I hope they are able to keep their home).
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0 votes Thank Flag Link Wed Apr 1, 2009
Within our company CENTURY 21 North Homes Realty, Inc. we have developed a team to help give free training to people who are in need of doing a modification. Our team does not work directly with your lender but can give you some incredible advice. Once a month we hold this free class for anyone that needs answers, giving them the tools they need to greatly increase their chances of obtaining the best loan modification possible.

This class was developed within our company due to the number of owners that were being talked into selling their homes, by hungry agents wanting another check, when they likely could have kept their home if only they knew there was a way. The benefit for us all is helping all homeowners maintain their value by saving one home at a time.

Since every situation is very unique depending on your level of distress even down to the specific servicer, it is my recommendation that you take some time to attend our free distressed homeowner class. Another note, while we can give you excellent training on this matter, NO ONE can guarantee a loan modification except your lender/servicer. Contact me or my office and we will line you up with a class.

I hope this help in some way,
Bryan Lovell
"The Lamplighter"
CENTURY 21 North Homes Realty, Inc.
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0 votes Thank Flag Link Wed Apr 1, 2009
Jillayne over at Rain City is an instructor, and could probably give you a referral. Here bio is here:…

She's also written some topics on that over at Rain City, and I'm fairly confident she'd advise you to see either a licensed mortgage professional or an attorney.
0 votes Thank Flag Link Wed Apr 1, 2009
Hi Nika,

There are seven types of loan modifications. Your relatives might want to know all their options and then choose the option that is best suited for their situation. Here is a link to a free 45 minute video for unbiased options for them.

The address for the loan modification specialists that offer loan mods in all 50 states primary or investment properties who get the loan mods done quickly and to the benefit of the client are

Good luck!

Hannah Fliegel
0 votes Thank Flag Link Wed Apr 1, 2009
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