Mortgage Loan Modification Terms and Procedures in Easy to Follow Steps

You can increase your chance of getting a mortgage loan modification from your lender. The key is to have a good general understanding of just what the procedure is and how to apply correctly. Most homeowners have never even spoken to their lender let alone had to try to negotiate new loan terms with them. No wonder most borrowers are hesitant to contact their bank. But once you understand the process and know what your bank needs from you, the whole procedure will seem a lot less intimidating.

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Here is some basic information about what is involved and how to get started:

Mortgage Loan Modification Steps:

Contact your lender and ask for consideration for HAMP-Home Affordable Modification Plan Prepare your application correctly- including your financial statement and hardship letter Send a complete package back to your lender-including proof of your income

Mortgage Loan Modification Procedure:

Your request for a loan modification must be acknowledged within 10 days by your lender You will be sent an application package in the mail Upon receipt of your package, it will be reviewed for accuracy and completeness A Notice of Missing Documents will be sent to you if you left anything out Upon receipt of a COMPLETE application, you will be notified within 30 days if you qualify or not

Mortgage Loan Modification Terms:

If you qualify, your payment will be reduced to an affordable amount by lowering your interest rate, increasing your loan term or deferring or forgiving principal You will be put on a 3 month trial modification, upon completion of timely payments, your modification will become permanent automatically If you miss payments or do not qualify, you will be excluded from the loan workout program and offered another option like HAFA-Home Affordable Foreclosure Alternative. This is a streamlined short sale process.

As you can see, the key to getting your loan modified quickly is to prepare your application correctly the first time. Most important is to be certain that your financial statement fits the approval formula-this means your income, debts, debt ratio, etc all are within the guidelines for acceptance. If you are not certain how to prepare your financial statement and what adjustments to make to your budget, then you may want to use a software program designed just to help homeowners qualify. You can avoid mistakes and save a lot of time.

You get one chance to get a loan modification so be certain you take the time to submit your application correctly. When done right, you could get your answer in just 30 days and be one the road to secure home ownership once again.

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