Mortgage Foreclosure Information

Ultimate Loan Modification Guidebook
The Most Comprehensive Loan Modification Stop Foreclosure Guide On The Internet.











Getting a Loan Modification

Thousands of homeowners are turning to loan modification as a way to overcome mortgage difficulties brought on by the troubled housing market. It's a great option and if you think you may be in trouble, it's something you should strongly consider. Getting a loan modification, though, is no easy task.

Use a loss mitigation company to negotiate on your behalf

While it is possible to negotiate directly with your lender, it is generally not recommended. There are many pitfalls that can cause your modification attempts to go awry. You'll want to apply for loss mitigation with a professional company that will ensure everything is done right.

The reason it's so important to strictly follow the lender's process is that they need to make a sound business decision. As such, they are going to review everything about your financial situation and whether or not modifying the loan will actually result in you successfully making payments in the future. If something is done wrong, it can kill your chances.

What you'll need for the process

A good loss mitigation company is going to have a process in place that they know works. They'll have a package for you that will include such things as a financial worksheet, hardship letter template and a checklist. Trying to put all this together on your own without knowing exactly what's needed can be a nightmare.

You'll also need to gather certain documents such as W2s, bank statements and tax returns. Make sure you are given a checklist that helps you keep track of everything you need.

What happens once your loan has been modified?

loan modification is permanent. A new contract is drawn up with the revised terms and you and the lender will be expected to adhere to the new conditions.











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