Loan Modification
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Wyoming Loan Modification
Loan Modification Wyoming
The Wyoming loan modification solutions center can offer some key factors to the homeowner; we are able to establish standards for homeowner safeguards which make sure that a homeowner being examined for any modification is not foreclosed on during the process. We Provide transparency by having the homeowner be able to see the servicer’s N.P.V test or (Net Present Value).
Financing a loan modification is really a single consistently-applied modification program that allows servicers to effectively serve a lot of home owners creating an cost standard, which will help make sure that home owners can sustain obligations with time. Successfully completing a loan modification will offer Wyoming home owners whose homes are considerable upside down in value.
At Wyoming’s mortgage loan modification solution center, you'll be assigned to a relationship manager who works together with the servicing company to solve the homeowner’s delinquency until all non-foreclosures actions happen to be exhausted.
Wyoming Loan Modification Eligibility Criteria
To be eligible for a loan modification you must meet the following criteria:
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The mortgage should be the first home loan from on or before the month of January 1, 2009.The unpaid balance prior to capitalization must be lower than:
The mortgage should be the first home loan from on or before the month of January 1, 2009.The unpaid balance prior to capitalization must be lower than:o$729,750 for a one‐unit property,o$934,200 on two‐o$1,129,250 on three‐o$1,403,400 on four‐unit properties.•The primary residence must be occupied by the homeowner.
The primary residence must be occupied by the homeowner.•The home loan is delinquent by several months (2 or more) or default is almost certain.
The home loan is delinquent by several months (2 or more) or default is almost certain.•The homeowner documents an economic difficulty and signifies that she or he doesn't have sufficient liquid assets to create the monthly mortgage obligations.
The homeowner documents an economic difficulty and signifies that she or he doesn't have sufficient liquid assets to create the monthly mortgage obligations.•The homeowner’s verified monthly gross income must be greater than 31 percent of the mortgage payment.
The homeowner’s verified monthly gross income must be greater than 31 percent of the mortgage payment.Your Rights As a Borrower
Servicers must identify loans that have two or more payments due and unpaid.
• The loan must not have been previously modified.
• The investor must be willing to participate.
The servicer is required to make a Reasonable Effort to contact homeowner regarding eligibility for a loan modification. A Reasonable Effort consists of:
• Four phone calls to the homeowner’s last known number of record; and
• Two written notices to the homeowner’s last known address.
“Right Party Contact” – servicer satisfies the Reasonable Effort standard. The servicer must send the homeowner written communication that:
• Describes the Initial Package;
• Language stating conditions for a loan modification evaluation; and
• Specific date Initial Package should be returned.
