Getting a mortgage loan modification from Community Bank and Trust can be an arduous and time consuming process, however, here is some information on their requirements and guidelines, as well as the Community Bank and Trust loan modification program process to help you save your home and achieve financial stability.
Community Bank and Trust now participates in the Treasury Loan Modification Plan, also known as the Obama Administration’s Making Home Affordable Program, designed to help homeowners lower their monthly mortgage payments to affordable amounts and decrease the amount of foreclosures nationwide.
Throughout the Country, many homeowners are desperately in need of assistance to help lower the amount they are paying every month on their mortgage, and, according to the USA Today, homeowners that achieve a permanent loan modification under Making Home Affordable save on average $550 per month on their loan payments.
This sounds great, right? How is this the National average of savings for loan modifications under HAMP (Home Affordable Modification Program)? Well, the Obama Loan Modification Program allows for the reduction of interest rates to as low as 2% on 30 year or 40 year terms, and the purpose of a loan modification is to prevent loss to the mortgage servicer by allowing the lender to avoid having to foreclose on homeowners that may be able to make lower, affordable payments.
Unfortunately, to date of those placed into Trial Loan Modifications, only 4% have actually gotten permanent loan modifications. There’s no real easy answer as to how to ensure that you get a permanent loan modification, other than that it may be in your best interest to consult with a professional that can help guide your loss mitigation efforts, or simply represent your case for you.
If you are looking to qualify for a loan modification with Community Bank and Trust, first you should put together a hardship letter, as well as a financial prospectus detailing your current financial circumstances, specifically your gross and net monthly income, expenses, and assets. Additionally you will need to gather the required supporting documentation consisting of W-2s and paystubs, or a 3 month Profit and Loss Statement and 2 Years Tax Returns if self-employed, 3 months bank statements, and a copy of your most recent mortgage statement.
A detailed look at Community Bank loan modification requirements and guidelines can be found under the Making Home Affordable Guidelines, available here.
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