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4 Easy Steps to Getting Your Home Loan Modification Approved
There are many people today out there that are looking for home loan modification help and if you are one of them then you should know that in this post you will find out all that you need on the topic. Most of the occasions, the people today that are facing a foreclosure will be the ones to consider about a home loan modification, yet the bad news is that they will have it done the wrong way. But dont worry, because soon after you will read this post, you will not be one of them. Let me Reveal with you four basic tips you can use to get approved easily.
1. Show proof of your hardship. This is one of the key elements that you should feel about when you want to get your home loan modification approved. Unforeseen costs and a redundancy letter can do wonders in this case, so make sure that you have them ready with you.
2. Keeping track of your current and also past expenses is definitely going to serve you well now. You will thus be able to gauge the differences in your payments habits and see what is it that made you get in the predicament that you are confronting with now. If you want to get a home loan modification you will need to make sure that you will have a list of your old habits, so be sure to have one with you when applying.
3. bring your present record of costs. And of course, no one will ever give you a home loan modification if they deem that you are incapable of paying the income back. If you have good probabilities of handling the repayments very well, then you will surely be approved quickly. Hiding items from the home loan modification companies will only get you into trouble. consider of it well and consider of the technological innovation and information access nowadays. Doing such a foolish thing will just render you a lot of trouble.
4. Last but not least of the tips concerns the loan mod hardship letter. It is the letter that will tell everyfactor of your financial hardships briefly. You must be sure that you keep this letter very precise and short and most of all, prove that you are really in need of cash. My recommendation is that you will have your letter drafted by a specialist beforehand. Also, have some dignity and dont start weeping or anyfactor similar in front of the loan provider. They heard it all and are tired with it. Be precise in what you say and explain your circumstance as best as you can. If all is done right, you will get your home loan modification approved.
Keep in mind that getting your home loan modification approved can be a tiresome process and someoccasions you may well feel that the odds are overwhelming. Just go online and see if you can get a free home loan modification session and see what the best course of action in your case would be.
How To Get A Loan Modification In A Week Or Less
If you want to get your loan modification approved in a week or less, good luck! It is almost impossible…or is it?
If you know anything about loan modifications, you know that it generally takes 2 to 3 months to get the modification approved. It is a stressful process if you are the homeowner desperately waiting for an answer. Some lucky people can get this done in about a month, but this is very rare. Getting it done in a week or less is almost unheard of!
The reason it takes so long to get a loan modified is because there are so many people in need of this service. Lenders have stacks and stacks of files on their desks and not enough employees. It takes a long time to sort through all those files and get the loan mod completed.
There are a few companies out there that have such close relationships with lenders that they will actually allow them to take some of the unbearable workload off their backs. There are only a few companies that do this because it is very hard to come up with the necessary ratios to get this accomplished.
What this means in lamens terms is this: A company that provides this service can call up your lender with your loan number. They speak to a case manager and review your file. They approve or deny the loan modification right away and tell them what your interest rate and payment will be. They can then tell you what the terms of your modification will be and you can decide to move forward or pursue another option.
If you do decide to move forward, they can generally complete the loan modification within 24 hours to 7 days. To further ease your financial burden, often times they can push back your next payment 30 days from the date the loan mod docs are signed.
The success of this depends on what lender you have and if you are even a candidate for a loan modification. The top lenders participating in this program are Countrywide, Bank of America and EMC. These are not the only lenders, just the main ones.
If you want to get your loan modification approved in less than a week, this might be your only option.