12 STEPS TO LOAN MODIFICATION SUCCESS
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Decide whether you need an attorney to assist with the process. There are options other than an attorney, including nonprofit groups. However, an attorney understands the negotiation process and how to work out the best resolution with the lender.
How Long Does a Loan Modification Take? — RISMedia |
In addition, there are many different scams out there to which a homeowner may fall victim without the right legal guidance. Determine who ultimately holds the mortgage note.
This is more difficult than it sounds. Often, the original mortgage loan is sold several times and it is difficult for the homeowner to know who holds the note at the time when negotiating a modification becomes necessary.
It is possible that the mortgage has been broken up into smaller pieces as a mortgage backed security and there will be several individuals or businesses involved in the negotiation. In order to determine the interested parties, go to the mortgage servicer and ask who are the owners of the loan.
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This is something with which a skilled attorney can assist a homeowner. As part of the loan modification process , there are many documents that will need to be provided to the mortgage holder s , including: Literally 12 million out of 75 million US households are in trouble. Learn in this article that how you can modify your mortgage loan by yourself and get approved for President Obama's Loan Modification Program - Making Home Affordable. Money Management for Young People.
‘Kicked in the Teeth’
Write a Successful Hardship Letter. The first step for getting approved for the loan modification program is Hardship Letter. A Hardship letter is the letter which shows some kind of hardship in it which has cause your income loss and that's why you are unable to pay your monthly mortgage payments. Write down a brief page of hardship letter showing that which kind of hardship you are actually suffering from which has led your income loss.
Submit it to your lender and wait for the response from your lender. Once your lender approves your hardship letter, it's time to prepare all the documents required for the loan modification process.
Ten Steps to a Loan Modification, Part 1 of 2
Simply download some good loan mod workbook from the internet and follow it's step by step instructions to prepare all the required documents. Now, submit your paperwork to your lender. Wait for a few months and pay your monthly mortgage payments regularly by that time. Wait for the response from your lender. Once your lender will approve you for the loan modification program, he will give you the first offer which will be most probably the mild deduction in the interest rate.
Be bold and reject the first offer your lender offers you.