Archive for January, 2011

The Loan Modification Process – Part One

| Robin Anderson

You may have heard about the news that the government has asked the mortgage banks to work with homeowners who have been hit by the sluggish economy. This comes in many different forms, but the one I will be discussing is the loan modification. You may have also heard good or bad things about the […]       [Read More]

You may have heard about the news that the government has asked the mortgage banks to work with homeowners who have been hit by the sluggish economy.

This comes in many different forms, but the one I will be discussing is the loan modification. You may have also heard good or bad things about the loan modifications.  I know personally of two in the past few weeks that were approved for residents in the Oroville area, one through Bank of America and one through Wells Fargo Home Mortgage.  If you find yourself in a financial bind, it does not hurt to contact Making Home Affordable and enquire as to your eligibility and the requirements.

If you decide to make that call or get on the website, have a good bead on what your income and expenses are, how much you owe on bills, credit cards, mortgage, and your household costs such as food, gas.  Once you contact Making Homes Affordable and your lender, they will want all of this information over the phone. They will ask you what your intentions are for the property. You should receive a package in the next few days with directions and information as to what is expected of you, the borrower. It may seem intimidating or intrusive, I understand…but it is information necessary to obtaining the loan modification. You must be 100% honest and be able to back up your position. In addition to providing your financial information, you will be required to prepare and submit a “hardship” letter.  This is a letter directed to the lender describing your specific hardship. This is your chance to put it all in writing, in your own words, asking for help in the form of a loan modification.  I would state in this letter what your intentions are with your home, if this is a home you feel is truly your home and not just a place to hang your hat, so to speak..by all mean, express yourself!!! This is a more personal snapshot of you and not just your financial situation.

Make sure the financial sheet you fill out matches your bills. You will need to provide proof of income and some banks will require 3 most current bank statements. If your are an Independent Contractor, you will need to provide a Profit and Loss statement current to the date you send your loan modification package back. 

To begin the Loan Modification process contact:  “Making Home Affordable”:

You can go to the website at http://makinghomesaffordable.com , click on the link at the top of the page “Loan Modifications” or contact them by phone at 1-888-995-HOPE.

To Be Continued in Part Two.

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OROVILLE’S GREEN LINE TOUR

| Robin Anderson

Please come and view the video below..it is a fast paced tour of only a few of Oroville’s perks!!!  http://www.youtube.com/watch?v=Ag1HHPLL2Ns Oroville is a lovely place to live and play!!!  Mother Nature has blessed us with many wonderful beauties. I hear over and over how the people here are nice. Neighbor helps neighbor. I love the […]       [Read More]

Please come and view the video below..it is a fast paced tour of only a few of Oroville’s perks!!! 

http://www.youtube.com/watch?v=Ag1HHPLL2Ns

Oroville is a lovely place to live and play!!!  Mother Nature has blessed us with many wonderful beauties. I hear over and over how the people here are nice. Neighbor helps neighbor. I love the small town atmosphere and it gets even better during the holidays, parades and special events. I took the photo in this article on the walking path past the Nature Center up the hill by the Fish Hatchery..if you turn around and look back the way you came..you feel as though you are transported in time..as if there were no other humans around and life slows to a heartbeat, you can breathe the fresh air, hear the water rushing over the fish dam and look out across the scenery to see the sparkling sun light dancing off the calmer water along the Feather River and the bridge looking as if it was part of the scenery all along. In certain months, you will see the salmon cresting the water, some launching themselves in the air. It is definately hard to describe the abundance of natural beauty you see here and the peace you feel as a spectator to it!!