The key to a successful loan modification is to understand the Process, the Guidelines, the Qualifications, and what a modification is, before you start. If you are having financial difficulties, you are late or may become late on your mortgage payments, don't wait, the problem will not go away on its own. Also, the longer you wait, the more late fees and penalties add up. Get started as soon as possible...
What is a Loan Modification?
A loan modification is a change or Modification of one or more of the terms of your existing loan. A Loan Modification can reduce your Interest Rate; lower your monthly payment; Defer late payments and fees, and Stop Foreclosure on your home. Loan Modifications are done regardless of your current Credit Situation, your payment history, or how far you are behind on your mortgage payment. Remember, this is the Modification of your existing loan, not a refinance. A Loan Modification can help you keep your home with an affordable payment, however, there are several things your lender will look for when considering your Modification request.
ONE - What is the cause of your situation and why are you requesting assistance from your lender? Some of the qualifying hardships include: Loss of Job / Unemployment, Lay off, Reduced Hours / Reduced Income, Divorce, Illness, Injury, Medical Issues, Military Service, Natural Disaster / Property Damage, and even the type of mortgage you currently have can qualify you for a Loan Modification or Mortgage Relief Assistance Program.
TWO - Resolution? Has the hardship issue been resolved and/or will it be resolved with a Modification Program? If not, than what is your plan to resolve the situation?
THREE - Does it make sense? If your lender does a Modification for you, Is it going to resolve your mortgage situation and will you have the ability to sustain your new mortgage payment? A Modification has to make sense for both you and your lender.
The key to achieving a successful loan modification is preparing a complete and accurate Hardship Package. Your hardship package is a summary of your hardship, the resolution, a snapshot of your current financial situation, and the correct support documentation required for your personal situation. Each Homeowners situation is unique and different so there is not a "one size fits all" solution for a Modification request. Use caution when dealing with your lender. First and Foremost, they are a debt collector and they are looking out for their best interests. Be sure you take the steps needed to watch out for your best interest.
Even the most deserving homeowner may be denied if their application is not prepared properly.
To learn more about Loan Modification Programs and how they can help you: Click Here
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