Areas To Cover If You Are Modifying Your Mortgage On Your Own
A lot of homeowners often wonder whether it is actually possible to modify your mortgage without employing the services of a loan modification company
. The huge fee charged by a company or an attorney is a huge turnoff for families who are already struggling with their financial situation. Ideally, every homeowner would like to apply with their mortgage lenders without any outside help but lack of knowledge and general apprehension makes them think twice about going on their own.
As far as industry experts are concerned, there is unanimous consensus among them that mortgages can be modified by homeowners themselves. In fact you dont really need industry experts to prove this. The hundreds of thousands of families who were successfully able to get their loans modified are proof enough.
However, before you begin talking to your bank, you need to take care of a few things to ensure your application is not rejected. Needless to say, the first thing you require is knowledge of the entire loan modification process. This is easy to learn and you can simply search online for loan modification guides. Make sure while you search you look for loan modification guides with free phone support. This will help you in getting support whenever you are stuck or need any kind of assistance.
Once you know the entire process, you need to take care of your documents. This is a very important step as without the required documents in the prescribed format, banks or mortgage lenders are just going to reject your application without negotiating any further. Hence not only do you need all the required documents, you have to check and recheck for mistakes. When you are at this point, it would be helpful if you can talk to the authors of the loan modification guide you purchased at this stage. This is also where free unlimited phone support becomes essential and will be helpful every step of the way.
Now that you have your documents in place and checked for mistakes, the next step would be to actually file your loan modification application and learn how to talk to your bank. Mortgage lenders will not modify your loan without a proper reason. Hence you need to learn not only how to convince your bank of your hardship, but you also have to convince them that you can meet the requirements of the modified mortgage plan they offer. If the guide you are following has tips on negotiating with your bank then its a bonus as you can talk your way to a really low interest rate, sometimes as low as 2%.
Another thing you must take care of after you apply for a loan modification is proper follow up. Remember that banks will not call you to inform you about the status of your application. You need to take the initiative and get the bank representatives on the phone to get status of your application. Call them to find out if they require any further information from you and always convey your willingness to get them anything they need right away.
Modifying your mortgage is actually much easier than what most people make it out to be. The key here is to have a good support system behind you. This is the reason the first step of finding a good loan modification guide with free unlimited phone support is the most important step in getting a better interest rate and saving your home from foreclosure.
by: John Caroll
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