Finance Globe

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Want a Mortgage Loan Modification? Do These Things

Want a Mortgage Loan Modification? Do These Things

Are you facing challenges when it comes to making your mortgage payment in full and on time every month? Are you ready to make a change for the better?

If you’re interested in remaining in your home, it may be time to discuss a mortgage loan modification with your lender.

This may sound like a long shot, but remember this: your lender doesn’t want you to face financial struggles. Instead, they would much rather you make your full payment every month without issue.

If you want to move forward with the process in the near future, here are four things you can do to improve your chance of success:

•    Provide the necessary paperwork. In addition to the application provided by the lender, you’ll need to include a hardship letter, budget information, paycheck stubs, and a variety of other financial details. One missed document will set you back, so make sure everything is in order from the start.
•    Be clear with your intentions. Upfront, you want to discuss your intentions for going through the process. Along with this, learn more about what a modification can do for you. Will it lower your interest rate? Will it add missed payments to your current balance?
•    Be persistent. It’s one thing to provide the lender with everything they request. It’s another thing entirely to keep the process moving forward. Once you have the name of your primary contact, stay in touch with him or her on a weekly basis. You don’t have to hound this person. You simply want to let them know that you’re looking for a fast and efficient resolution.
•    Consider other options. While all of this is going on, don’t forget to consider your other options for improving your situation. For example, even if it didn’t make sense at first, you can look into the benefits of selling your home. Maybe you have to go the “short sale” route, but it could be the answer to your problem.

For many, the most difficult part of a mortgage loan modification is the first step. Once you get the ball rolling, things have a way of coming together before your eyes.

Do you have any experience with this process? What advice would you share with others?

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Comments 1

Frank on Tuesday, 24 January 2017 17:26

My family had to go through this. I would recommend to be very patient, this process takes a long time. I know you may want an answer quickly, but this is usually not a simple process.

My family had to go through this. I would recommend to be very patient, this process takes a long time. I know you may want an answer quickly, but this is usually not a simple process.
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Tuesday, 15 October 2019

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