| Trying to apply for a loan modification but worried | | | | are confused about how to do this, use the software |
| about whether you will qualify? It's true that not | | | | program designed specifically for homeowners that |
| everyone will qualify for a loan modification to lower | | | | automatically does all the calculations for you. |
| their payment-so how can you be sure to get your | | | | Loan Modification Qualification #3: Be able to submit an |
| application to the front of the line and have the best | | | | accurate, acceptable and complete application to your |
| chance for approval? Here are 3 Important | | | | bank for review and consideration. Your lender will |
| Qualifications for approval you should know before | | | | make a decision based in large part on the information |
| you apply. | | | | you provide to them. Submitting an incomplete and |
| Loan Modification Qualification #1: You must be able to | | | | poorly prepared application can result in a denial of the |
| demonstrate to your lender that you have suffered a | | | | help you need. Be sure you prepare the paperwork |
| financial hardship that has made your current | | | | properly and then submit everything your lender will |
| mortgage payment unaffordable. There are certain | | | | need all together in a professional and acceptable loan |
| circumstances that lenders will consider as an | | | | modification package. |
| acceptable hardship situation. Divorce/separation, | | | | TIP: Make sure that you prepare your financial |
| military service, death of a family member, job loss, | | | | statement before you call your lender. Do not disclose |
| reduction in income, medical expenses, illness, | | | | any of your income or debts until you have taken the |
| incarceration and job transfer are all considered to be | | | | time to work on your budget-make any necessary |
| eligible for consideration. Loss of equity alone does not. | | | | adjustments and know that you fit into the approval |
| There are three critical elements in an effective | | | | guidelines. This is easy to do if you follow the directions |
| hardship letter-do you know what they are? Here is | | | | in a handbook and software program that does all the |
| one tip-use the phrase "imminent risk of Default" and | | | | calculations for you automatically. Simply input your |
| you will get your lenders attention. | | | | own monthly income and monthly expenses and you |
| Loan Modification Qualification #2: Can you prove to | | | | will see immediately if you need to make some |
| your lender that if given the new lower modified | | | | adjustments to your budget in order to meet the |
| mortgage payment you will be able to afford to | | | | approval guidelines. You can avoid costly mistakes and |
| maintain it now and in the future? Lenders want to | | | | save hours of frustration. |
| know that you will not be at risk of defaulting again. | | | | These are extraordinary times and more homeowners |
| How can you prove this to them? Make it simple by | | | | are faced with losing their homes than at any other |
| providing the required financial statement that will | | | | time in our nations history. Borrowers who need help |
| demonstrate your ability to pay the new payment and | | | | cannot wait to be rescued-help is available but you |
| help convince your lender to grant an approval for | | | | must know how to get it and be prepared to fight for |
| your proposed new lower payment. Your current | | | | your home. Start now by learning and preparing to |
| mortgage payment, including your property taxes, | | | | submit your application to your lender to get the help |
| homeowners insurance and any Homeowners dues, | | | | you need and deserve. Billions of dollars in your tax |
| must equal more than 31% of your gross monthly | | | | dollars have been allocated for loan modification |
| income. Learn how to calculate your new target | | | | programs to help stop foreclosures. Don't miss out on |
| payment based on the Obama HAMP guidelines. If you | | | | your chance to save your family's home. |