Saxon Mortgage Modification

LoanModUS.com provides the expertise needed to complete your Saxon Mortgage Modification Loan Modification.

Just as with a mortgage loan modification conducted with a different bank, completing a mortgage modification with Saxon Mortgage Modification requires important and specific action. You must place yourself in Saxon Mortgage’s shoe's to understand how to get your loan modification approved by Saxon. First, Saxon Mortgage will seek a form of true hardship for your loan modification.

What is acceptable hardship? Acceptable hardship in a basic definition is: A Financial circumstance(s) that has arisen outside of your control that has caused severe financial strain to the point of either being late on your mortgage payments, or facing "imminent default." Examples of this hardship are: Loss of work hours, medical strain, Decrease in pay etc...(This is not a complete list of acceptable hardship - There are many other forms of hardship acceptable to banks.)

Second, you must understand how Saxon Mortgage Modification will qualify your modification based on your monthly financial picture. This monthly financial outlook is shown using a 'Monthly Expense Worksheet'. The monthly expense worksheet will detail and outline your financial hardship in financial terms. However, what is an acceptable monthly expense worksheet?

Keep these two figures in mind when composing your monthly expense worksheet, "DTI" or debt-to-income, and "Disposable Income". Current guidelines many banks are following is the "Homeowner Affordability Plan" put in place by the Obama administration on May 4th, 2009. This plan provides guidelines for banks to modify homeowner mortgage loans down to 38% Debt to Income. Meaning, your mortgage will be modified to 38% of your total monthly net income. This is done by lowering the rate to as low as 2% and extending loan terms to 40 years. If your mortgage can not be modified to 38% DTI following these guidelines, then your bank will not approve your loan modification. This will indicate 'too much hardship' and you will have to resubmit your application and provide a rebuttal for loan modification.

Also keep in mind your disposable income figure. Disposable income = Monthly Net Income - Total Monthly Expense. Your disposable income should be at or around $0.00.

LoanModUS.com would be happy to provide help and answer any question you have about your Saxon Mortgage Modification.