We Put You at the Bargaining Table.
HAMP is designed to be a loan modification program
comprised of a 5 year low interest accelerated pay
down period followed by a 35 year term to pay off the
balance of the loan. Under such a plan, the balance
will been substantially reduced during the pay down
period. The remaining balance can then be paid of at
an affordable payment because the balance is far
lower due to the accelerated pay down.
HAMP is designed to be a loan modification program
comprised of a 5 year low interest accelerated pay
down period followed by a 35 year term to pay off the
balance of the loan. Under such a plan, the balance
will been substantially reduced during the pay down
period. The remaining balance can then be paid of at
an affordable payment because the balance is far
lower due to the accelerated pay down.
| Urban Solutions |
| Public Information Center |
| Subsidiary of Urban Investments West LLC |
If you need additional
information regarding our
services or need customer
support click the contact
link, below.
information regarding our
services or need customer
support click the contact
link, below.
 |
 |
 |
 |
 |
 |
Click here to get your
WHY OUR PLAN IS BETTER
| LOAN MODIFICATION TIPS AND ISSUES The loan modification process is a mitigation process between the borrower and the lender. Both parties, the borrower and the lender, have a say in the outcome. If the borrower does not know what his or her modified payment plan should be, the lender will determine what the new payment plan will be. The borrower will have no say in the matter simply because the borrower does not have a payment plan going in. One of the things that we do for our clients is to provide the HAMP payment plan that they are entitled to under HAMP regulations. Our clients know what their payments should be going into the loan modification process. They have a leveraged position because our program has determined their payment plan for them. If you have been faithfully paying a mortgage payment of $2,000 a month, why must you be subjected to a 90 day trial period to see if you can faithfully pay a the lower payment of $1,200 per month, for example? This may not make sense but it is the standard practice under HAMP. As explained in the following paragraphs, it would be wise for you to set aside the difference between the normal payment and the reduced payment - in our example, $800 - during each month of the trial period. If you do not qualify for the loan modification at the end of the 90 day trail period, you may have to pay the difference between the amount paid during the trial period and the amount that would have been paid under normal payments. This would be $2,400 in our example, above. This difference may be due upon demand by the lender at the end of the trial - including delinquency payments and late fees. If you cannot make this payment upon demand, your account will be delinquent. This means that the 90 day countdown towards foreclosure will start running at the end of your trial period. Does the Lender have to suspend the trial period at the end of the 90 period? The answer is NO. If the trial period is extended beyond 90 days, that means that the delinquency payments and fees will be even higher at the end of the trial period. Again, this payment may be due upon demand by the lender. This is just a little information about the lenders that you are dealing with. Urban Solutions offers a comprehensive home retention plan. You play a direct role in the outcome.
|
Since you already have the mortgage loan, your current credit rating is not an issue. All you have to demonstrate is your
ability to continue to make mortgage payments at the modified amount. Even though the HAMP plan establishes
guidelines for such a loan modification, it leaves it up to the lender to decides what the game rules really are.
ability to continue to make mortgage payments at the modified amount. Even though the HAMP plan establishes
guidelines for such a loan modification, it leaves it up to the lender to decides what the game rules really are.
| Click here to order HAMP documents for your payment plan. |