Loan Modification Help - The 3 Critical Steps to Approval You Should Know


Stuck in an unaffordable mortgage and worried about losing your home? Help is available if you know how to get it. The new federal loan workout plan, HAMP, has standard guidelines for approval that you must be able to meet. Learn the basics so that you have the best chance of success. Here are 3 critical steps to approval with your lender to get the lower payment you need and deserve. Read this to make sure you are prepared before calling your lender-you have a one-time chance at getting a loan modification, so you don't want to make any mistakes.

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Loan modification step #1: You must explain to your lender why you need and deserve help. You do this with a hardship letter-this is a brief but descriptive account of your financial hardship. This is where you tell your bank about the circumstances that surround your inability to pay the current payment, what changes you have made to your budget so you can afford to pay a new modified payment, and your strong commitment to stay in your home. You want to gain the empathy and understanding of your bank so they will be motivated to help you. There are 3 critical elements in an acceptable letter, do you know what they are? You should also include some important trigger phrases-one of them is "imminent risk of default"-learn the others so you can include them in your letter.

Step #2: Work on your budget or financial statements. In order to convince your bank that you are a qualified candidate, they will ask to see an detailed accounting of your monthly income and expenses. You will complete a form that lists your monthly bills and your monthly income so that the bank can verify you will be able to afford to stay in your home if given the loan modification. A central part of this budget is the new target payment-this is the modified payment that you are asking for. Do you know how to calculate your ideal target payment? You can use a software program designed specifically for homeowners that will do all the calculations for you. Simply input your own monthly income and expenses and all the figures are done automatically. You can then make any minor adjustments to your budget so that you know you fit into the approval guidelines.

Loan modification step #3: Gather all of the documents together that your lender will need to review so that you submit a complete, accurate and legible loan modification package. Check and double check that your forms are correct and you have attached everything the bank will need to see. Remember the lender will have thousands of applications and only those that are prepared correctly will get reviewed quickly and have the best chance of approval. Why take chances when your home and financial future are on the line? Banks now must respond to homeowners within 30 days of receiving a complete application package-so you can greatly speed up your turn around time if you do your homework and send in a complete application the first time.

Don't be overwhelmed-take it one step at a time and you can get the loan modification help you need from your lender. The federal government is paying banks to modify loans now-so as long as you can meet the approval requirements your lender is highly motivated to help you stay in your home. Take advantage of the tools and resources available to help homeowners succeed.All you have to do is take the first step-start today to get the lower payment you need.

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