How to Get a Loan Modification to Avoid Foreclosure
Without a doubt you should be aware at this point that a loan modification is a very important procedure. It can help you out a lot if you should b approaching a foreclosure. What a loan modification does is allow your lender to adjust their mortgage. This results in a more affordable payment term and plan that can be easier handled.
These changes made to your loan are permanent once you are granted a loan modification. Now that you have an idea on what a loan modification is, here are some tips that you can employ in order to get one and avoid foreclosure. An important factor to take note of is that you will need to be qualified. This means that you will need to meet various requirements before you can actually get a modification.
Tips on getting a loan modification
1. Getting your package completed – As a homeowner you will need to complete various steps before you can get a loan modification and submitting some important documents is likely your first step.
You will need to submit these documents to your lender or servicer so that they can check to see whether or not you are qualified for a loan modification. The documents that are required may include your paychecks and a budget among other things that a loan servicer might need from you.
2.Always ask questions- If you are a homeowner who is serious about getting a modification on your loan you definitely need to ensure that you ask a lot of questions and the right questions too. If you do not ask questions you might be left in a difficult spot. You might not know what information to provide the lender or servicer. Sometimes you will need to provide your pay stubs to your lender. The amount of pay stubs that they require will depend on how often you get paid. Whether monthly, weekly, or bi-weekly.
3. Keep in touch with your lender – If you have recently completed a request for a loan modification you will need to ensure that you play your part at all times. All the information that your lender requires will be on file, however you need to keep updated about your application.
When you visit the office or call, you need to check on the progress of your application. You should also review the documents that you have submitted. It is important to explain any important event or information that you believe is relevant for your loan modification application. If you hire an attorney or counselor they can help you by contacting your lender quite often. Be mindful though that you need to ensure that you keep in touch with your bank/lender as frequently as possible.
4. Perseverance is key – You might naturally feel frustrated as a homeowner. Especially if you feel as if you are getting no where with loan modification. This is one reason why counseling is important. It can help you to remain focused and get ahead by making the right moves as a homeowner.
Another key rule is to always remember that you need to be persistent as difficult as it might seem. You will be surprised as to how much you can achieve in the long run; just by following these simples. Acquiring a modification will require perseverance and discipline as well.
Other important tips to remember:
While you are preparing for a loan modification do remember that you need to exercise flexibility. Since a modification may come in many different shapes or form this is important. It is also your duty to release your tax returns as a homeowner. Hence do do not miss those important IRS documents that you need to submit. Finally you should ensure that you label all your documents when preparing and applying for a loan modification. This is very critical and will possibly help you to move for more swiftly and not cause any hiccups along the way.
Success story (example): There are numerous persons who have struggled to get a loan modification to avoid foreclosure. Some are unsuccessful and there are those who did great and got what they requested. This was possible because they did what was necessary to ensure that they got a modification on their loan so as to keep their property.
Andrea is a single mom who decided to take out a mortgage to acquire a home for her and her two boys who were just 11 and 14 years old. Without a doubt it was a very tough challenge since she only had one job and did not have a husband to help with finances and so on.
When she was granted the loan by the bank, she decided to hire a counselor to assist her with making the right decisions. The counselor also helped to keep her abreast of everything that needs to be done to ensure that her payments were on time. She was also in the repayment period of her mortgage.
Andrea had ups and downs along the way and did a lot of side jobs such as data entry and even selling cupcakes. This allowed her to make ends meet; she had a determined spirit and decided that she was going to make her boys happy at all costs. Yes she was serious, a 400k mortgage did not stop her and you should not let it stop you or slow you down either!
Within a year, Andrea prepared all her documents and discussed applying for a modification on her loan. Since things were getting sticky and she could not afford to lose her property that she worked so hard for at this point. Moreover she was very concerned for her children so she applied for a modification on her loan.
The fact that she ensured that she followed up on her modification process, submitted all the required documents and also communicated with her counselor, she was successful in getting a loan modification.
This was due to her perseverance and the fact that she did not want to see her property go down due to a foreclosure. The moral of the story here, is that determination and perseverance is key. It will surely help to lesses the event of a foreclosure just like Andrea who loves her two handsome boys.
Follow through with these steps like Andrea did and you might just find that you will get your modification. Avoiding a foreclosure on your property is a huge milestone. Now that’s something to feel good about to keep your property that you have worked so hard for. You can also learn more about a loan modification here: Loan Modification Help.
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