How To Get An Ocwen Loan Modification In 30 Days Or Less

The “loan modification” is a restructuring of mortgage payment, specifically with regard to the reduction of principal and interest on the interest rate, with the aim of getting an affordable monthly mortgage payment on the basis of your current financial status.

Essentially, at the end of a successful mortgage modification, your payments will be considerably lower, and restructured mortgage will allow you to remap your finances more effectively for yourself.

There are 3 major issues you should be aware of that the majority of homeowners encounter when attempting a mortgage modification and they are generally as follows:

  1. Qualifying-hardship: Hardships could include loss of employment, death of other half, job relocation, disability. You need to demonstrate that based on the new terms of your loan that you do have the ability to pay it.
  2. Documentation:  The most difficult part of the process according to many people is the continued request for documents, often submitted on short request. The documentation is essential to determining the loan modification; all documentation is definitely time sensitive and so, a missing pay-stub may possibly delay or dismiss your modification request.
  3. Modification: The modification itself can be very arduous if the homeowner is acting on their own behalf; there are no promises or guarantee you will receive a modification; (an affordable intermediary may be indispensable).

Ocwen Financial is approved by the Ministry of Finance to streamline loan modification approvals for homeowners who meet the basic eligibility requirements. If you run into problems with your mortgage payments, you have no time to lose.

The first step to this streamlined loan modification plan is to pass a short questionnaire. If you can answer yes to these rudimental queries, then you can move onto submitting your application. Do you:

  • Live in the home as your primary residence?
  • Have a mortgage payment that equals more than 31% of your gross earnings (ascertain to include your property taxes, homeowners insurance and any homeowner dues in your calculation)
  • Face a financial hardship due to less income and/or more preponderant expenses?
  • Have a mortgage that was taken out before January 1, 2016 and is less than $729,750?

In the event that you passed those inquiries, then you are onto step 2 of the streamlined loan modification program. The next thing is essentially completing the paperwork and offering proof your income. That’s where it gets serious-remember that the info you provide to Ocwen will determine whether you qualify or not. This is why it is so vital that you learn about how precisely to complete the application properly in order that you meet the rules and get that speedy approval.

Take a couple of hours to learn about the Ocwen loan modification process. Understanding how to make the necessary adjustments to the application can make the difference between success and failure.

Here are seven tips that can help you get an answer to your loan modification request in just 30 days or less:

  1. Loan number at the top of each page

When preparing your application, make sure that on all pages of your application, your loan number is clearly stated at the top of every page, including all of the documents you submit with your application. And only submit a complete application.

  1. Be Proactive When Your mortgage Is Being Transferred

If your loan is transferring to Ocwen Bank loan Servicing or from Ocwen to another financial loan servicer, you might want to be proactive as a way to attempt to escalate your overview. You should uncover if there is any way to get your review escalated with the recent servicer just before your mortgage is transferred.

  1. Determine your MTI and DTI

If your debt to income ratio is negative compared to your total monthly gross income (before taxes) or total monthly net income (after taxes), you could be at risk of a denial. Calculate your mortgage income (MTI) and debt to income ratio (DTI) before applying. You should ask questions about your potential qualifications with your Ocwen Customer Relationship Supervisor or an educated consultant.

  1. Determine Your Sources of Income

Your sources of income and banks statements will help to support your request for mortgage assistance. Self-employment income is one of the most arduous to present. Contributing income needs to be considered predicated on eligibility and the contributors participation in your monthly housing expenses.

  1. Gross Up Social Security Income

If you are using the social security income in your application, you need to perform a gross-up calculations for social security income. Your social security income is usually given to you with your taxes already deducted by the IRS, so you need to figure out what your gross social security income before applying. You should do a Gross up Calculation. By determining your gross Social Security income, you will better understand your current mortgage to income ratio, so you can better understand your options.

  1. Cut unnecessary expenses

Your bank statements clearly show your spending habits. If you present your monthly expenses to the lender on their financial worksheet, but your bank statements show something else, your request for assistance may be refused. If your financial problems is over, and you’re able to start making payments, you should start to save on your monthly mortgage payment. You should at least save a monthly payment you can afford.

  1. Planning Your Options In Case A Mod Is Not An Option

Ocwen may tell you to just apply and they’ll see what happens, but you will either be eligible for help or you are not. You must understand your qualifications before you apply. When you can prepare your application predicated on potential guidelines you may well be in a position to better present the application to Ocwen.

In many cases, you may only have the ability to re-apply if your situation changes after a denial. If you plan ahead you have an improved chance to complete the review of all your options. As the foreclosure procedure progresses, your options might become limited.

Getting through this review process fast can make you considered for other options as well, such as an Ocwen short sale or deed in lieu.

Tips To Keep You Sane During the Short Sale Process

It’s no news that the short sale process can be a long process. Many buyers at this time get tired of waiting and would threaten to cancel if they do not get answers within a specified time. This doesn’t help matters and doesn’t help make the process simpler or faster.

Following is a standard short sale process with the bank:

  • Bank acknowledges receipt of your file. This can take 10 days up to a month.
  • A negotiator is assigned. This can take a week to thirty days.
  • A BPO is ordered. The bank probably will refuse to share the BPO results.
  • A second negotiator can be assigned. This can take another four week period.
  • The file is usually sent for review or to the PSA. This can take 2 weeks to 30 days.
  • The bank will then request that all parties sign an Arm’s-Length Affidavit.
  • The bank issues a short sale approval letter.

Buyers get mad and annoyed because the short sale process is generally so lengthy they will sometimes cancel without telling anyone, much less the vendor. Some short sales get approval in 2 to 8 weeks while others can take 90 to 120 days, on average

Banks are losing cash in a short sale and aren’t really enthusiastic about it. It’s justifiable. Envision that you advanced a companion $100, and he came to you later saying he could just pay you back $75. Would you cave in easily? Most likely not.

In fact, everybody knows that it can and virtually certainly will take orders of magnitude longer than the average 30 to 60 days until you sign on the dotted line and the nightmare ends. And yet, that is exactly what the buyer will put in the contract – a deadline of 30 to 60 days.

Your bank, of course, will completely ignore this date, they do not care if you want to keep a buyer. The ball is in their court, and they get to call the shots. They will whenever they are ready – they are busy with other people just like you – and not any moment sooner.

It’s important to understand that a buyer and their agent haven’t any control over the procedure. The success of a short sale — and how long the short sale takes — relies intensely on the listing agent. If the listing agent isn’t familiar with short sales, you’re very likely wasting your time. An excellent short sales listing agent will effectively advise the homeowner and have an intensive knowledge of the lender and their particular processes.

During this time, it is rather likely you are feeling bored or unhappy looking forward to the short sale approval. It’s normal to experience a wide range of emotions during the process, from elation (finding the right house or opportunity) to frustration (when in God’s name am I going to get a short sale approval) to dejection (probably not meant to be). But no matter how justified your feelings, you aren’t doing yourself any favors when you let them get the best of you. This isn’t to suggest that you would think of sobbing on the phone to your agent, but don’t underestimate how even subtle exhibits of emotions like frustration or impatience can shine through during your communications with agents and lenders. Here are some tips to keep lucid during the short sale process:

  1. Don’t put your life on hold.

Don’t lose sight of the personal goals during the waiting process. Don’t stop authoring, blogging, reading, working out, eating healthy, studying, making music, painting or any program you already take part in! Sticking with your goals will help make the wait much more worth it.

  1. Stay positive.

Find a way to stay positive during this period, while talking to your agent, lender or buyer. This makes them more enthusiastic about the process too. Positivity is contagious. A good way to stay positive is to keep yourself busy, make improvements in other areas of your life.

  1. Do not hound your broker or home loan expert … as much as you want.

Keep your phone out of sight when you should be focused. Chances are the lender won’t come to a decision early on. If you don’t understand something linked to the process, call your agent or mortgage banker certainly, but don’t keep contacting for a decision on the short sale from your own real estate agent. Whether you become close friends after expending hours on the telephone or not- your agent can not work for the lender, and really you’re simply using up your daytime minutes.

When awaiting the short sale approval, it’s important that you focus on other things than just waiting on short sale approval. Focus on what life will be like after the short sale is complete. Sellers should focus on finding a place to live after the short sale is done, saving money and getting their finances in order.

Unfortunately, waiting is a part of the short sale process. Do not let it stress you out or make you think your short sale will be denied. It is not unusual for months to pass by without a solid solution. In the meantime, you will submit paperwork and resubmit several times. Do not let this part of the process put you down, it’s just part of the short sale experience.

Here are some things to keep you busy while waiting for short sale approval:

  • Become a Guitar God in 90 days – Easy and free guitar lessons.
  • Take the 365 challenge. Make something every day and “kick start your creativity.”
  • Working out.
  • Write a novel.
  • Meditate, daydream, lying in the grass and watch the clouds
  • Write a book
  • Make 60 paintings in 60 days
  • Gain 20 pounds of muscle in 60 days
  • Go from Couch to 5K in 60 days
  • Take and pass the GMAT
  • Learn a language
  • Practice Yoga everyday
  • Sign up for cooking classes
  • Try 30 rolls of sandwiches

During this time; the point is; make every effort to improve yourself. Become better at your job, you can work out to become better physically, this will yield better returns for you after the long 90 days of the short sale approval process.

The Wells Fargo Short Sale Process: Five Tips for Beginners

The simple truth is short sales aren’t for the faint hearted. Everyone involved will need to have plenty of patience. Process period for short sales vary from bank to bank. If you are making your mortgage repayments to Wells Fargo, they will work with you in a short sale. However, just like any other lender, the process could be tedious at times.

As a general rule of thumb if you are in debt more than what your home actually costs you qualify for a Wells Fargo short sale. However, this applies if you have a single mortgage at the time. This can happen only if you present a clear case that you cannot afford the money for current mortgages. In the event you keep two mortgages and both are actually with Wells Fargo you then will find it more easier than where you own loans with two separate lending agencies. You may still be eligible for a Wells Fargo short sale but it could be a lot tougher. That makes sense logically as Wells Fargo is actually incurring a loss that they didn’t take on to begin with!

When you perform a Wells Fargo short sale, you are not going to get any of the cash regardless of the way that the amount quoted is much lesser than what the house is worth! Be that as it may, short sales are a convenient way to get away from the rigors of home loan installments. At least, you do not have to pay the complete amount in fact it is any day much better than a foreclosure which is often disastrous on your credit history!

Original Steps for a Wells Fargo Short Sale

  • Your legal professional or agent will initiate a short sale package.
  • Your agent will probably be assigned tasks, starting with the 3rd party authorization.
  • Your agent will Fax the closing statement details and all associated records accumulated.
  • A processor will overview and assign the file to a negotiator.
  • All parties might be asked to sign an arm’s length affidavit and different disclosures/agreements.
  • Supplemental documents may be requested.
  • If Wells Fargo has delegated authority, the file might be authorized or denied. Or else, it’s going to go to the investor for final approval.

Starting The Wells Fargo Short Sales Process

1. Contacting the Liquidation Department

The Wells Fargo short sale department is called the liquidation dept. In this team, you’ll be reviewed for the short sale. You’ll work with a processor and a negotiator. Your processor and negotiator are viewed as your single point of contact.

If you’re prepared to contact the liquidation division at Wells Fargo, try calling (866) 903-1053. You’ll be qualified to speak with the 1st available representative. Ask them about how to get started.

In case you haven’t started with the liquidation Division, you might be required to commence your conversations with the home Preservation division.

The first time you fall behind on your own mortgage, you’ll probably have an individual point of contact assigned from the home Preservation Section. At Wells Fargo, this single point of contact is called a Home Preservation specialist.

2. Submitting Forms to Wells Fargo

Often, Wells Fargo and other mortgage investors won’t review a borrower lacking any offer from an interested buyer. However, there are programs now available that allow borrowers to apply without an offer. For borrowers using FHA mortgage, you may be able to submit without an offer and also get reviewed for FHA’s Pre Foreclosure sale Program.

Sometimes, lenders may necessitate a few papers to be submitted ahead of an offer such as a listing agreement from an agent(R), MLS printout, and/or a monetaray hardship letter for short sales. It’s wise to consult if Wells Fargo will review you if you’re lacking an offer.

If Wells Fargo provides a summary of files to submit, ask when they need to have an offer from a purchaser, HUD-one settlement statement, and/or evidence of funds or pre acceptance letter from the purchaser. Ask Wells Fargo if they can review you without these files. Normally they won’t.

3. You May Need to Start with a Wells Fargo Loan Modification

You may be required to apply for a mortgage modification first. This may be a requisite depending on two conditions:

  • Your investor requires that you begin with a mortgage modification
  • You have never been denied for mortgage modification

Every situation is different. You’ll want to ask your Home Preservation Specialist if you’re required to apply for a modification first and what are the steps to commence a short sale.

If you need to contact the Home Preservation Department, call (877) 808-6144. You may have the option to talk directly with your Home Preservation Specialist by entering your mortgage number and last four digits of your social security number.

4. Problems With Executing A Wells Fargo Loan Modification First

The last thing you wish to have is to list your house on the market, get an offer, apply with Wells Fargo, and be required to do a modification review. It will possibly take about 30-60 days for your modification to be reviewed (depending on your own preparation and records submitted) before they’ll consider the buyer’s offer.

After you complete your review for a modification, the buyer’s offer and your financial package deal can be reviewed. It would take another 30-60 days to examine the buyer’s offer as well as all your financial documents.

5. Getting Help Navigating the Process

These suggestions and best practices for getting started with Wells Fargo short sale are only a few of many one-of-a-kind eventualities that might take place. An experienced short sale agent will provide you with a much better chance of efficiently short selling your home.

7 Things That Repel Homebuyers

It is not hard to stumble upon a home owner, who has a house to market, but no prospective buyers. The buyers, who do come looking also disappear without making a purchase. When you are a home seller, then surely you’ll want to stay away from this situation yourself. An unsold property starts to gather a foul reputation. You want to avoid this circumstance. So, what might be the problem? Your house may have some things acting as repellant to buyers. Here are 7 things that repel homebuyers

  1. Deplorable smells

Nothing is more of a turn-off than ambulating into a house that has a smell. Before you sell your home walk through with a friend, a Realtor, or someone you can rely on to give you an equitable opinion. You will need to dispense the source of any lamentable odor as fast as possible. Pets are big culprits, particularly cats. If you have a cat, kitty litters need to be cleaned as often as possible and kept, if possible, in a remote place or out of sight.

Wall to wall carpeting can harbor lamentable smells as well, especially if pets are present in the home. Clean all carpets professionally prior to listing your home. If you have a fan above your stove get in the habit of using it customarily to avoid smells from cooking foods with categorically strong odors, such as fish, the night before an open house or a showing. If your basement smells dank and musty consider buying a dehumidifier to clear the air of moisture and odors. You can pop some chocolate chip cookies in the oven, or maybe an apple pie . While some smells are offensive to home buyers, some are very inviting!

  1. Unkempt yards, untrimmed bushes

Nothing is much more unwelcoming than pulling up to a potentially haunted house! Make sure the yard is nicely mowed, all bushes and hedges are clipped. You can easily add or fix up your landscape garden with fresh or potted plants. The outside of your house is the first thing that will be seen. Let it be a great reflection of you along with a great indication of what’s yet to be seen inside.

  1. Outdated wallpaper

40 to 50 years ago, wallpaper might quite have been the rage. Unfortunately, those days are gone. Since most people pick a very special wallpaper to accompany certain furniture, it is highly unlikely that the next person to buy the home will have the same taste. A Wall paper on an accent wall can certainly be a neat feature. However, using paint and stencils could still be your best option mainly because it would be easy to paint over with neutral colors if it’s not to the taste of the client.

  1. Dirty house, especially bathrooms and kitchens

Having a home on the market is tough and it’s hard work, especially if you have young children at home. If you do not have time to clean your house daily, and actually, nobody does; focus on your kitchen and bathrooms. Make sure that floors are vacuumed and free of spills, crumbs and dirt. Ensure that counters are wiped clean and no dirty dishes lie in the sink.

Don’t just hide them in the oven for a quick fix, homebuyers are curious and might look into the oven and any drawer or cabinet that might be open! Keep a set of clean, dry towels on hand for the kitchen and bathroom for display purposes.

  1. Messy house

This is certainly an extension of the last point. The average home buyer has trouble looking past clutter and mess. Simple, easy tasks, can make the difference. If you have children you know that clutter is inevitable. You can consider using wicker containers. They are cheap, efficient and look nice in your home. Invest in a few wicker baskets as a quick way to stash toys when you don’t have time for an overhaul.

Laundry is the hardest thing to always watch out for and is the most time consuming. For those who don’t have enough time to wash, fold and put away your laundry daily, pick up a pair extra wicker baskets to stow away clean, folded laundry so it doesn’t appear to be an eyesore. In the kitchen area as well as in the bathroom, clear away bottles and containers. Bowls of clean fruit and vases or pitchers of fresh flowers not only look really pretty but usually provide some wonderful scent.

Most buyers do not look past what they initially see to determine the potential value of a house. They simply plan to walk through imagining their house furniture, heirlooms and personal belongings in various spots at your house. That is tough to do when the sink is brimming with dirty dishes; the living room is a mess and many of the floors need vacuuming. Go through each and every room and make sure it’s all really clean.

  1. Poorly lit places

No one wants to enter a dark house, especially someone who would like to buy your house. If a home is too poorly lit they can tend to question what you are trying to hide. Replace dim or burnt out lamps with high energy, bright bulbs to brighten your home. If need be, pick up a handful of stylish lamps that won’t only brighten the home but can add to your home decor. If you own big windows, take advantage of them. Make sure they’ve been clean and make sure that drapes and curtains are not blocking the natural sunlight. When it concerns selling your home, lighting really may be everything.

  1. Half-truths

With the help of advanced technology it is easy to put together a large number of digital pictures and even a video of a home. These items, alongside the descriptions, should be as accurate as possible. Putting up a description that omits the fact that a home is just a few feet off a train track or a snapshot that misleads about the size of a room may turn off not just buyers but agents as well.