How Can You Increase Your Chances Of Getting Mortgage Loan Modification?

The chances of getting a mortgage loan modification may increase if you have an excellent understanding of the terms and procedures and how to file your application correctly. Majority of homeowners are hesitant to get in touch with their lending source to negotiate for a new loan because the do not have knowledge about this.

The following are a few basic information regarding mortgage loan modification steps, terms and procedure.

Mortgage loan modification steps:

1. Get in touch with your lender and inquire about consideration for Home Affordable Modification Plan (HAMP)
2. Arrange correctly your application, together with your hardship letter and financial statement
3. Send the total package support to the lender that includes the proof of you earnings
Mortgage Loan Modification Procedure:
1. Your application for loan modification must be accepted within ten days by the lending source
2. A package of application will be sent to you through mail
3. Once thy receive your package, they will review it for correctness and completeness
4. If you have left out anything, the lending source will send you a Notice of Missing Documents.
5. Upon the receipt of your complete application, they will notify you within thirty days if ever you are qualified or not.

Mortgage Loan Modification Terms:

1. If you are qualified, your payments will be decreased to a reasonable amount by reducing the interest rate, enlarging the loan term or forgiving or suspending the capital.

2. The lender will set you in a three month testing modification, once you complete the payment on time, your mortgage loan modification will be converted into permanent automatically.

3. If ever you neglect your payments, or if you are not qualified, they will exclude you from the loan program. However, they will offer you another alternative such as Home Affordable Foreclosure Alternative (HAFA). This is the streamlined short selling process.

The best key to get your mortgage loan modification quickly is by preparing your application accurately in the first period. You have to be sure that your monetary statement suits the approval formula. This entails your income, outstanding debts, debt ratio and others; these are all in the procedure for acceptance.

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