| Do you know what the new loan modification | | | | Here are some tips to get fast approval for you loan |
| guidelines are? Many homeowner get denied for | | | | modification. |
| modification from their lenders because they do not | | | | 1) Complete the loan modification forms. You can get |
| know what the lender approval criteria are. If you are | | | | the complete mortgage modification package from my |
| currently facing hardship in making your monthly home | | | | guide. |
| mortgage payment and you are planning to lower your | | | | 2) Prepare an effective hardship letter. |
| monthly payment. Then you need to know how to | | | | 3) Fill the financial worksheet or income and expense |
| submit the package the proper way so you don't get | | | | worksheet with the right numbers. |
| declined. | | | | 4) Collect all your income documents. Such as pay |
| Loan modification guidelines for Countrywide, Indymac | | | | stub, W2, tax returns etc. |
| bank, Chase bank, Wells Fargo, Citi bank could be | | | | 5) Put it in a proper stacking order so the lender will |
| different from each other but there as some standard | | | | have no problem analyzing it. |
| criteria that each lender uses. Since the President has | | | | 6) Call the loss mitigation department and get a |
| passed the Home Affordable plan which offers a | | | | negotiator assigned to your file. |
| clear, consistent set of new loan modification guidelines | | | | You don't need to spend thousands of dollars to do a |
| to follow in the case of a homeowner who can't meet | | | | home mortgage modification. Many modification |
| monthly mortgage payments. Now the main goal is to | | | | processing companies offer this service, but you still |
| modify the terms of a loan so that monthly payments | | | | have to prepare the forms, make a hardship letter and |
| are no more than 31% of a homeowner's gross | | | | still there is no guarantee that they you will get you the |
| monthly income. | | | | best result. Beside these steps there are lot of other |
| You can modify your own home loan by preparing | | | | thing you need to know so you get the best outcome. |
| your mortgage modification forms properly. | | | | |