A Loan Modification to Stop Foreclosure Proceedings
When you are trying to save your home from foreclosure and the unpaid mortgage and late payments are preventing you from qualifying for refinancing your home, the loan modification process may just save you from losing your home entirely.
In fact, most times starting the process of mortgage loan modification can stop foreclosure proceedings immediately.
This is a program that does not have the same credit qualifications as a traditional refinance has, although you will have to prove an ability to repay the modified loan amount.
Your finances will be reviewed and compared with the debt that you have to see that you are able to maintain the new mortgage payment without any future default.
The loan modification professional that you choose to use will work with the lender to negotiate a payment that will work for both parties.
This is not something you will prove with just looking at your debt and income.
A very large part of qualifying for a loan modification is the writing of what is known as a hardship letter.
A hardship letter is your way of personalizing yourself and your situation to a lender that may only know you as a credit score or debt vs.
income ratio.
This letter needs to explain to the lender in a professional and yet not too emotional a way why you fell behind to begin with.
They do not need all of the gory details, just enough so they understand what put you into a financial bind.
Then they will want to know what you did to get out of the financial distress you found yourself in.
You will also need to, in detail, explain to them what steps you have taken to ensure that you will not fall behind again in the future.
This letter is one of the most important parts of the loan modification approval process, so make it good.
Make sure that the lender knows that you are serious about maintaining the payments should you be granted this chance to keep your home.
They need to know that you consider your home your priority and that you will see to it that you repay that obligation above all others.
You worked too hard to let your home go without a fight.
Let a qualified loan modification specialist help you get back on track with your mortgage payments so you can keep your home.
In fact, most times starting the process of mortgage loan modification can stop foreclosure proceedings immediately.
This is a program that does not have the same credit qualifications as a traditional refinance has, although you will have to prove an ability to repay the modified loan amount.
Your finances will be reviewed and compared with the debt that you have to see that you are able to maintain the new mortgage payment without any future default.
The loan modification professional that you choose to use will work with the lender to negotiate a payment that will work for both parties.
This is not something you will prove with just looking at your debt and income.
A very large part of qualifying for a loan modification is the writing of what is known as a hardship letter.
A hardship letter is your way of personalizing yourself and your situation to a lender that may only know you as a credit score or debt vs.
income ratio.
This letter needs to explain to the lender in a professional and yet not too emotional a way why you fell behind to begin with.
They do not need all of the gory details, just enough so they understand what put you into a financial bind.
Then they will want to know what you did to get out of the financial distress you found yourself in.
You will also need to, in detail, explain to them what steps you have taken to ensure that you will not fall behind again in the future.
This letter is one of the most important parts of the loan modification approval process, so make it good.
Make sure that the lender knows that you are serious about maintaining the payments should you be granted this chance to keep your home.
They need to know that you consider your home your priority and that you will see to it that you repay that obligation above all others.
You worked too hard to let your home go without a fight.
Let a qualified loan modification specialist help you get back on track with your mortgage payments so you can keep your home.