Posts Tagged ‘mortgage loan modification’

Mortgage Loan Modification Tips and Tricks

Sunday, April 24th, 2011

Mortgage loan modification is gaining rapid popularity among homeowners facing trouble in paying monthly mortgage installments. It is also the best way to prevent the foreclosure of your home and get the monthly installments reduced to a much affordable rate. If you are one of those people looking for mortgage loan modification tips and tricks, read on.

1.      Hire a Professional

The first and most basic tip for getting mortgage loan modification is to hire a professional mortgage loan modification lawyer or a modification company. They have relevant experience in the industry and know fairly well how to deal with lenders. It will also save you a lot of time as all the negotiation will be done by these professionals and you will simply be updated. Also, when you have a professional on your side the chances of your application getting approved increase.

2.      Provide Complete Documents

Millions of people apply for loan modification and the chances of getting approved are very slim. One of the tried and tested mortgage loan modification tips and tricks is to provide complete and relevant documents. For the modification process, the lender demands documents such as financial statement and a proof of income history to evaluate the case. If you fail to prove your ability to make modified payments on time, the lender will never approve the application.

3.      Financial Hardship

One of the most essential features due to which your modification application might get rejected is the presence of a financial hardship. Financial hardship for loan modification comprises of the loss of a job, death of an earning family member, divorce, increased medical expenses or inability to work anymore because of permanent disability. One of the best mortgage loan modification tips and tricks is to write a financial hardship letter which conveys your difficult times precisely. While writing a hardship letter, you may seek the help of your lawyer or the modification company.

4.      Submit on Time

If you want to avoid the foreclosure of your home, make sure you submit the application in due time. If you delay the submission of the application, it may not get approved.

The above mentioned mortgage loan modification tips and tricks are very important when applying for loan modification.

 

Article Source: http://www.articlesbase.com/mortgage-articles/mortgage-loan-modification-tips-and-tricks-4658439.html

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How to Get A Mortgage Loan Modification

Sunday, April 24th, 2011

In today’s world of mind boggling recession and inflation, it has become quite difficult for people to make both ends meet let alone be regular in making mortgage payments. Now this deferment in mortgage payments may mean an approaching foreclosure which, keeping in view the current world scenario is something one can hardly afford. So, this is when it gets vital to know how to get a mortgage loan modification.

Well, Obama’s administration has taken some important and beneficial steps for all the troubled homeowners by launching HAMP. Now, while federal loan modification is meant to save the homeowners from losing their homes yet you really need to know exactly what it takes to get a mortgage loan modification. There are a number of requirements which you need to fulfill to improve your chances of getting approved.

Eligibility Criteria:

  • Your loan must not be older than Jan 1, 2009.
  • It should not be more than $729,750
  • The home you have taken mortgage for should be your primary abode.
  • The payments you are paying now need to be exceeding the 31% of your total salary per month.
  • Most importantly, you need to be encountering financial adversity to become eligible for federal mortgage loan modification.

Other Requirements:

Well, if you find yourself meeting all the eligibility requirements you need to concentrate on the next step towards getting a mortgage loan modification since this program, being in-demand requires you to put in quite an effort. For instance, you have to fill an application form which contains thorough information about your income and expenses. Aside from this, you need to prepare an outstanding hardship letter which explains your financial predicament convincingly and properly verifying how your financial situation has deteriorated and the steps you took to improve it etc. You can take help of an attorney, in case you are not sure on how to get a mortgage loan modification and the things you will need to avoid so that the modification application does not get rejected. Attorneys have in-depth know-how of the matters related to the loan modification and will guide you through this process effectively.

Therefore, if you don’t how to get a mortgage loan modification, keep in mind the above mentioned eligibility criteria and requirements or hire a lawyer.

 

Article Source: http://www.articlesbase.com/mortgage-articles/how-to-get-a-mortgage-loan-modification-4658417.html

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