Do It Yourself Loan Modification - Every Thing You Need To Know
From Country Wide and Wells Fargo to other banks
, almost all lending institutions are offering home loan modification as a means for dealing with the subprime crisis and other factors marring the American economy.
These mortgage modification programs are designed to assist homeowners who cannot meet the high monthly payments. Foreclosure is certainly not an option for lenders anymore with no buyers in the market. So it simply makes more sense for the lending institution to offer home loan modification.
If you can secure a modification of your loan you will either be able to reduce your interest rate or extend the tenure of your loan, either way this will reduce your monthly mortgage payments and make them more affordable.
Now many people feel that they cannot apply for a home loan modification on their own without availing the services of firms that offer to negotiate on their behalf with the bank for a mortgage modification. However, statistically homeowners who negotiate their own home loan modification stand a higher chance of securing a home loan modification that those who avail the services of a firm.
Homeowners who want to apply for mortgage modification need to know that the federal loan workout program for mortgage modification called Home Affordable Modification has standard guidelines that need to be followed for approval. If you can prove to the lending institution that you fit the criteria based on your financial statements you have a good chance of securing a mortgage modification. However you need to know how to get the paper work ready. The first thing that you will need to do is draft the hardship letter for home loan modification. This should include details about your financial condition, the causative factors, steps that you are taking to handle it and your expectations from the mortgage modification process.
Apart from this letter of hardship for the modification of your loan you will also need the following documents:
Bank statement for all accounts
Document of hardship
Current pay check
W2 and tax returns.
Finally as a homeowner you need to remember that you will make a better effort to secure the mortgage modification because you have a lot at stake as opposed to a firm that deals in procuring home loan modification for you.
If you are considering mortgage modification, you should really look into 60 minute home loan modification. It is a great resource that contains a lot of important information about the process of applying for a mortgage modification. It was created by a loan modification expert who has modified numerous home loans. The kit included a professional hardship letter outline, and one on one support in case you have any questions. It is a must have for homeowners.
by: David Pit
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