Lessons on Loan Modification, Short Sale, FAQ's

Full List of Lessons (see below) For additional help, please fill in the form below.

For a explanation of how to present your numbers per Loan Type and expected Outcomes per Loan Type, click here. (Pertains to Modifications Only).

Important Notes about Modifications:
Prepare before you start. Important: Learn your Loan type first.  Is it Fannie Mae, Freddie Mac, FHA, Conventional, or VA?

Fannie Mae, Freddie Mac, FHA, VA, and some Conventional Loans give you the opportunity to qualify using Making Home Affordable formulas (see Lesson 1 for formulas). If you do not qualify using the formulas of Making Home Affordable, look at Lesson 2 for a Traditional Modification.
Note: Outcomes are different. See Modification F.A.Q.'s Lesson 4.

Conventional Loans. Always ask the Mortgage Servicer if the Investor (who owns your loan) is evaluating your case based on the Making Home Affordable formula (Lesson 1 below). If "yes", you can attempt to qualify using one of the formulas in Lesson 1 or Lesson 2. Please tell the Servicer how you would like to be evaluated (after you read Lesson 1 Step 4 vs. Lesson 2 Step 4).
Note:   Outcomes for this loan type are different. See Modification F.A.Q.'s Lesson 4.

V A Loans: These loans are now following formulas similar to the Treasury HAMP (Making Home Affordable) as well as Traditional formulas described in Lesson 2 below. To be safe, however, always ask the Servicer first if your case is being evaluated under the Making Home Affordable (Lesson 1). Note:   Also read Modification F.A.Q.'s Lesson 4.

Lesson #1
      15 Steps to Loan Modification using Making Home Affordable (HAMP)*
        Click here for Lesson. Pay close attention to Step 4 for formula for eligibility.
          Also read Lesson 4 below for Outcomes and F.A.Q.'s.
        *Including instructions for Bankruptcy.

Lesson #2
          15 Steps to Loan Modification using Traditional Guidelines*
        Click here for Lesson. Pay close attention to Step 4 for formula for eligibility.
           Also read Lesson 4 below for Outcomes and F.A.Q.'s.
        *Including instructions for Bankruptcy.

Lesson #3
        15 Steps to Short Sale: Selling Under the Mortgage Balance
        Click here for Lesson. Also read Lesson 5 below for F.A.Q.'s.

Lesson #4
        Information you need: Modification F.A.Q.'s Frequently Asked Questions about
        Modifications, outcomes, prevention options
        Click here for Lesson.

Lesson #5
        Information you need: Short Sale F.A.Q.'s Frequently Asked Questions about
        Short sales, tax liability, prevention options
        Click here for Lesson.

Lesson #6
        Produce the Note (Stall technique you can do yourself)
        Click here for Lesson.

Lesson #7
        15 Steps to Obtaining a Job: How to run a successful job search campaign
        Click here for Lesson. Resume philosophy and some example resumes/cover
        letters shown.
        (Lesson under construction - Please check website regularly for updates and additional
          tools.)

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                                                                        - Anne Batte, Executive Director

                                             Copyright 2009 Operation Restoration