The mortgage loan modification provides low and affordable monthly mortgage payments to nearly 5 million homeowners who are facing the possibility of losing their homes. This program is funded with government stimulus money in the amount of $75 billion and has helped more than 250,000 borrowers save their homes.
Completing the loan modification forms properly is key to approval. Lenders base their decisions mainly on the information that is provided to them through these forms, so they must be filled out correctly. The goal when completing the forms is to convince the lender of being a good candidate for the loan workout. This will mean proving this in black and white, not only by meeting requirements, but that staying in the home is well deserved. If the forms are not completed properly, a borrower who is well deserving may possibly be denied the help he needs. A loan modification is not mandatory, but a lender is more willing to provide help if an applicant makes it very easy.
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The following are some tips to help complete the loan modification application forms for quick loan approval.
-prove to the lender that the mortgage payment is not affordable, but a loan modification will be paid and maintained.
-completely fill out all financial statements that are required. This will give the lender an idea of the borrower's current situation with income and expenses itemized. Any items that are omitted may cause denial.
-eliminate unnecessary expenses from the financial statement. It must be shown that the borrower is doing everything possible to save his home, including eliminating expenses.
-show financial hardship within a hardship letter, which may include a job loss, illness or medical expenses, death, divorce, military duty, job transfer or some other hardship situation.
-prove that there will be some type of disposable income to ensure that there is no chance of re-default
-provide most recent W2, paycheck stubs, bank statements, award letters and tax returns. This full disclosure must be provided to show proof of all household income.
-submit an application that is acceptable and professional by making and following a simple checklist of documents that need to be turned it. If anything is left out, the decision of the modification may be delayed.
-place all of the forms and documents in the correct stacking order and make sure to keep a copy of the entire application for records.
This can save you time and money if you do it the right way, also you can get more information on the different firm's webs.
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