Do It Yourself Loan Modification - What You Need To Know
Most lending institutions like Citigroup, Country Wide and Wells Fargo are now offering
their customers the chance to save their homes by availing the benefits of home loan modification. Mortgage modification is a very potent and realistic solution that can not only help to save the homes of thousands of home owners across the country but it is also a good way to tackle the sub prime crisis and the other issues marring the economy.
Home loan modification programs help home owners who cannot meet their mortgage payments due to financial adversities. Foreclosure is certainly not a lucrative option for lending establishments given the fact that the real estate market has hit rock bottom and there simply aren't any buyers in the market. So mortgage modification is a more viable solution where both parties stand to gain, the bank can recover most of its principle while the borrower gets certain rebates that make mortgage payments more affordable.
When you secure a home loan modification there are two ways in which the monthly payments are reduces by either bringing down the interest rates or by increasing the tenure of the term.
Au contraire to popular belief you can apply for a home loan modification on your own without enlisting the help of a company to negotiate on your behalf. However if you are more than a month behind on your monthly mortgage payments it would be safer to consult an attorney. But if things are not so forgone, it may be best to start the mortgage modification procedure on your own. Statistically you stand a better chance of securing a home loan modification if you were to approach the bank on your own than if you were to go through a company that offers to negotiate for a mortgage modification on your behalf.
The home loan modification procedure involves a bit of paperwork so you should be ready for it. Some of the documents that you will need apart from a mortgage modification hardship letter are:
- Current paycheck.
- Bank statements for all accounts
- W2 and tax returns
- Borrower Application
- Document of hardship
- And all other relevant documents that will help the bank to verify the veracity of your claims
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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