Loan Modification Software

Each financial strategy will have a success ratio attached to it.

Financial plans allow you to show your client additional strategies that are available. Up to 4 different plans are available and each will provide your client with a clear understanding of how to improve their personal financial position with or without the assistance of a modified mortgage payment. Even if a modified mortgage payment is presented by the Lender, these financial plans will show your client details regarding their possible financial outlook for the following 5 years. It assist your client in preparing for the future by reviewing important financial considerations.

LOAN MODIFICATION is the primary plan in most cases. This plan considers Income vs Expenses, Current mortgage payment vs Modified mortgage payment, Owed vs Appreciation and future interest rate changes over a 5 year period. Success and Failure estimates are applied based on these categories. A financial worksheet is included that will assist your client in preparing for future financial changes and ensuring that they are prepared for these changes
 

SHORT SALE is a secondary plan in most cases. This plan considers Income vs Expenses, Current mortgage payment vs Rent, Sales price vs Mortgage owed and cash savings growth over a 5 year period. Success and Failure estimates are applied based on these categories. The plan reviews how your client transitions from a home owner to a renter focusing on how monthly expenses will change and the affect on future monthly savings (excluding interest earned). Rents paid are initially based on 30% of your client’s monthly net income. You can adjust the rents to compliment the financial report and reflect on a more accurate reading. A financial worksheet is included to assist your client in determining whether financial adjustment can be considered to improve the success estimate

LIQUIDATION is a third plan and may be necessary in some cases. Liquidation is based on your client considering filing for Bankruptcy and removing some if not all debt obligations including possibly their home. This plan considers Income vs Expenses, Current mortgage payment vs Rent, Debt elimination and cash savings growth over a period of 5 years. Success and Failure estimates are applied based on these categories. The plan reviews how your client transitions from a home owner to a renter focusing on how monthly expenses will change and the affect on future monthly savings (excluding interest earned). Rents paid are initially based on 30% of your clients monthly net income. You can adjust the rents to compliment the financial report and reflect on a more accurate reading. A financial worksheet is included to assist your client in determining whether a financial adjustment can be considered to improve the success estimate.

OCCUPANCY change is a fourth plan and could be a consideration in some cases. his plan considers Income vs Expenses, Income tax deduction estimate, Owed vs Appreciation and Mortgage payment vs Rents received over a period of 5 years. Success and Failure estimates are applied based on these categories. The plan reviews how your client may be able to retain ownership of their home by moving out and then perhaps return at a later date when their finances have improved. The mortgage payment may be unaffordable by the your client, however renting the property may ‘cover’ a large amount of the monthly mortgage payment. By changing occupancy, your client may have the possibility of returning to the property at a later time. A financial worksheet is included to assist your client in determining whether a financial adjustment can be considered to improve the success estimate

It is important to recognize that these financial plans are based on the current financial disposition of your client. For example, they do not anticipate any changes in monthly income such as additions or losses during a 5 year period. They are designed for your client to assess their current financial disposition and provide them with the ability to make a better determination regarding what is the best route to take

Access the financial plans from the Modification Worksheet by selecting Credit card payoff plans.

• FALLING is a review of how long it would take to payoff credit card(s) based on regular monthly payments

• BOOSTER is a review of how long it would take to payoff credit card(s) based on applying an additional amount to the monthly payment for each credit card

• WATERFALL is a review of how to increase the speed of paying of credit cards by adding paid off credit card payments to the next credit card payment

• WATERFALL BOOST is a review of how to increase the speed of paying of credit cards by adding paid off credit card payments to the next credit card payment and adding an additional amount to the monthly payment applied