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Loan Modification Hardships

loan modification

The loan modification process all comes down to one thing, are you qualified. Can you get the lender to agree to proceed in granting you a loan process? One of the keys to being accepted by the lender and gain access to this saving grace is to prove without a doubt that you are suffering from some type of hardship that can be cured by the modifying your mortgage payments.

What is a Hardship?

A hardship is a major reason to apply for or be granted a loan modification. You must prove to the lender that you suffer from one of several types of

hardships such as income decline or job loss in the houshold due to some reason such as death or divorce or illness.

First, you must prove to the lender that there is a reason for your loss of income or decrease in income. This may be due to loss of your job or an injury at work that may have caused some type of medical disability that has left you at home for quite some time. This in turn may have left you unable to make your mortgage payments. You may not apply for a loan modification if you have recently filed bankruptcy. This is not a reason to get a loan modification. Loan modifications are established to help those with a hardship recover from their losses and get back on track. This process is not available to be taken advantage of in anyway.

What is not Considered a Hardship and How do I prove a Hardship?

You may not default on your mortgage, in order to apply for a loan modification hardship. Again, bankruptcy is not a reason to apply for loan modification; you will be instantly turned down. This is not a hardship, but another way to help you start over with your finances.

In order to prove a hardship, you must write a hardship letter that explains the loss of funds, including dates and figures. Next, you must complete a hardship form online or through the mail. The lender will need a copy of the past two year tax returns along with copies of two of your most current bank statements. A copy of your last two pay stubs is required, even if this is disability or unemployment, etc. If the property is for sale, the lender will require a listing agreement. A loan modification will now be in the works and every effort will be made to save your home.

Foreclosure due to hardships does not seem fair and that is exactly why the loan modification process has been established. With this option you may be able to lower your monthly payments just enough to save your home. If you feel that this process is a bit more than you can handle on your own and you need help, there are plenty of professional companies that will assist you in the process, for a small fee. Save your home today and inquire about a loan modification, it could be that last chance you have been searching for.

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We can help you stop foreclosure with a loan modification in the following states:

If you need help understanding your option of taking advantage of the home loan modification process, the help is available to you everywhere. The process is quite tricky and it is highly recommended that you do indeed seek legal advice before signing on the dotted line, in order receive the most efficient and cost-effective modification to your mortgage payment.

Where do I get Advice
There is advice all over the web on how to receive a loan modification; some of this advice is quite helpful, while some is quite dreadful. There is also the opportunity to hire a professional service that will help you go through the paperwork and work with the lender to help you get all the benefits that you deserve, due to a hardship. Loan modification is a process that must be understood completely and thoroughly. This article can actually offer you an insight on the process of loan modification and tips that will better help you as a homeowner save your home from the risk of a foreclosure.

Loan Modification Advice
First and foremost, it is important to determine if you are eligible for a loan modification. This requires writing a letter of hardship explaining to the lender what exactly the reason is for your late payments and the fact that you are unable to pay your mortgage. Doing a loan modification on your own requires more than just advice. Becoming educated about the process is more important. This is perhaps a good reason to hire a professional loan modification company to take part in the process. They will handle everything for you, while educating you in the progression. There is a fee charged for hiring these companies, but in turn your mortgage payment can be lowered quite a bit and professionals can even find things in your original loan papers that may prove that the lender may have broken the law during your original mortgage signing.

If you do choose to take the big leap of the loan modification process on your own, you must first contact the lender and they will lead you to the correct department, normally the loss mitigation department. You may not want to directly say that you are in the process foreclosure. We do not want the lender to think your situation is not worth their time before hearing you out. Always document anything relating to the loan modification process, every phone call and any other information you may receive during the process must be documented. Always discuss every option available with your lender, so that you may come up with the best alternative for you. It is true you will save money going directly through your lender and let’s face it, you are struggling already trying to make your payments, but professional assistance can help immensely.

No matter what direction you decide to take, loan modification will be what determines the amount of time you have in your home. If you are eligible you should act as soon as possible.

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