Just what is a loan modification program? For starters, it is something that may save your house from foreclosure if you're having financial difficulty in these tough economic times. It is very similar to a mortgage loan refinance because its aim is to give you a more affordable payment for your financial situation. The difference from a refinance is that instead of looking for a new loan you modify the terms of your existing mortgage loan.
Eligibility for loan modification varies depending on who services the loan. Most banks follow similar criteria for qualification though. If you have suffered a hardship or there has been a major change in your financial circumstances, this would include things like the loss of a job. If you have missed three payments (or more), own and live in the house as a primary residence and not filed for bankruptcy. Other things that are important in qualifying is that you didn't purposely default to get a loan modification and that you're willing to work with your lender on their terms.
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The only place you can get a loan modification is with the lender that holds your mortgage. Each lender has different loan modification programs. Remember the bank's main objective is to return a profit to their shareholders. What you want to do is convince them it's in their best interest to give you the loan consolidation and not default totally on the loan. If they have to foreclose it's actually more work and expense for them. Have the following to support your modification request to your bank. You will need proof that you had a change in financial circumstances, this could be a letter saying you got laid off from your job or your unemployment insurance paperwork. They will also want proof that you have made every effort to pay your mortgage and that you have been cooperative with working with them. Show them canceled checks that you have written for the mortgage payment (or partial payments) you made recently along with proof of you income for those same months. Remember you must not have purposely defaulted on your mortgage to get the loan modification and you must be willing, open, and honest in providing all necessary documentation.
Some of the documentation that your may need include a letter explaining your hardships, for example letters saying you've been laid off. Work up a detailed monthly budget and show how with a reduced payment it will balance and the loan will be paid. Also bring proof of income and capability to make the modified loan payments, this would include pay stubs, inheritance letters etc.
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