Credit Action Solutions

A loan modification can take the mortgage you now have and change the interest rate and payment to achieve a fixed rate, forgive late charges and outstanding overdue payments, as well as suspend mortgage payments for a set period of time. A change in rates and payments does not result in the need for a new closing, legal fees, survey, appraisal, or taxes. In contrast, if you "refinance" a loan you'll be required to have a closing and forced to pay a variety of fees and taxes. In many ways our Loan Modification process is superior to a traditional refinance and the best part is....

We make it easy!

Our five step process...

1. Step one of our process is to determine whether or not you are a candidate for loan modification. Our mitigation experts will collect all of the necessary information needed to make this determination during your initial consultation.

2. Step two once we have determined you are a candidate for modification, we will begin collecting all of the information and documentation necessary to submit an offer to your mortgage company on your behalf. The documents required for submission are listed below.

3. Step three once your documentation has been received by Credit Action Solutions, Inc it is reviewed by our Loan Modification Speclist.

4. Step four is submission of an offer to your mortgage company. Once your offer has been submitted you will begin receiving weekly updates of our progress.

5. Step five is completion of one of the following;

A. Forebearance Agreement

B. Loan Modification

C. Short Sale / Payoff Modification

D. Deed in Lieu of Foreclosure

E. Cash for Keys

Items we need from you:

Credit Action Solution Loan Modification Checklist

In general, the documentation you will need includes:

Signed authorization for retainer fee

Property Information

Copy of your Mortgage NOTE (Our Mitigation Specialist can help you find this information

Copy of an appraisal (if possible)

Copy of All Mortgage coupons or statements

Copies of Household Bills - Utilities, Insurance, Collection letters, etc

Income & Assets

Pay stubs for the last 30 days (all borrowers)

For the past two years:

ALL PAGES 2006 and 2007 Federal Tax Returns

W-2s

Statements for each bank, mutual fund, and/or investment account for the last three months.

If you have made any large deposits to your accounts:

If you own more than 25% of a business:

Corporate or partnership tax returns.

If self-employed:

Tax returns for the last three years (with schedules).

Year-to-Date Profit and Loss Statement prepared by an accountant.

If you own rental property:

Tax returns for the last two years and current rental agreements.

If you are retired:

Pension Award Letter.

If you receive Social Security:

Social Security Award Letter.

If you are counting child support as income:

Copy of divorce settlement.

Copy of twelve months of canceled child support checks.

Debts

Explanation of credit report anomalies, including:

Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens.

Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).