Q) is unemployment as an emergency? A) Unemployment is a hardship, but the lenders want to ensure that the borrower be in a position that will afford the payments. While the social security and other payments can be taken into account on the monthly payment, there is no such thing as too much hardship. If the homeowner does not make his monthly payments as a result of unemployment, the loan modification will likely be rejected. Q) What if I have a bad credit score? A) a loan modifications can not rely on credit scores to determine eligibility for. The lender priority is to be sure that the borrower can afford the new monthly payments. If the credit score is low due to excessive unsecured debt of the mortgage lender can ask for these debts to be settled for the loan amendment be approved. Q) What if I receive a Notice of Default? A) In most cases an attorney can get the foreclosure process stopped when the negotiations began on the modification of your loan. In most states, if you receive a NOD (notice of default), there is still enough time to obtain a loan modification before the trustee sale date if you qualify. Q) I have a second mortgage 8 months ago. Can my first mortgage? A) Yes. In general, most lenders will require 6 months seasoning between taking out a second mortgage and applying for a loan modification. Q) Can I change a loan, the investment property? A) Yes. Most lenders accept loan modifications for investment properties. However, a loan modification under Obama’s Home Owner Relief Plan is not owner-occupied properties. Q) How long does the process take? A) Because of the sheer volume of loan modifications done and the back in lenders loss mitigation department, the process with a lawyer as little as one or as many are closed for six months. Unfortunately, most homeowners do not understand the process will be different by different mortgage service companies. On the basis of the servicer, investor, and loan modification companies the process differently. In addition, income and asset testing situation may have also been upgraded, further delaying the process. Q) If I was in my hometown of equity, I can still qualify for a loan modification? A) It depends on the amount of equity in the home. Too much, and you will probably not be considered if you have had an exceptionally tough and not to finance themselves. If you stock, but were rejected for a re-finance could be very good for a loan modification into account, if you have a lawyer, you have the lender relationships. Q) Can I make a reduction in principle? A) Principle cuts come in only about 5% of the loans change. It is possible that reductions in principle, could become somewhat more frequent within the established formulas of new loans under the Obama change program. We have seen substantial reductions of investors, if not expected, and in extreme hardship. Q) How will Obama help loan modification program to me? A) The program will begin with FNMA and FHLMC, and then spread to other lenders. There are limits on mortgage payments slide in relation to the income of the borrower and forbearance options that can be accrued and unpaid balances in the rear end of the loan. The rollout will take time if you act thus in danger, to start your loan modification. It is also important to understand that the creditors will be asked to participate, but are not obligated to do so. The exception is that the bank bailout fund, which have received are required to participate. Q) If my loan modification is rejected, is a short sale my next best option? A) Every owner, the situation is different, but shorts are generally seen as the next option for a loan modification. If the house is in foreclosure sale be postponed, the trustee can make the necessary time to a short sale or short refi, if you found that a good credit risk are exposed. Visit us at http://www. feldmanlawcenter. com or call 800-588-0425

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