If you are looking for loan modification, and you are in dare need of it, I have enumerated below five important steps you must take to make sure your loan is modified as quickly as possible, follow them judiciously.
Number One
Examine your self and find out the amount you are capable of paying. Here, you need to put your house in order by calculating your income and then deducting your expenses to know actually the amount you can afford to pay, because it will not do you any good to have your loan modified and you cannot pay at the current rate. After knowing what you are able to pay, let your lender be aware of that by writing to them.
Number Two
Write hardship letter for loan modification, in the letter explain your situation, what led to your financial hardship, what you are doing to curtail the situation, let them know you actually need their help. Tell your lender you love your home and will be happy to maintain it, strongly convince your lender that you want your loan be adjusted, so that your home won't end up in foreclosure and the bank/lender will not delay in listening to you.
Number Three
Submit your hardship letter through the loss mitigation department for onward review, for the provision of loan modification application packages, other necessary requirement and qualifications.
Number Four
Contact the loss mitigation department for debt-to-income ratio, keep intact every other necessary document like your last twelve months financial record, fill all your forms correctly, check and check again all your document to be ascertain its correctness because loan modification is very competitive, if your forms (documents) is not properly filled you may be ignored without your notice.
Number Five
Understand all the terms in your application to make you a professional, because your lender wants people who understand finances and maintain good financial life but need just little help. If can't do this, alternatively, you can work with a specialist who will contact your lender, review and complete all your application on your behalf, also help you to submit your application in a professional manner.
Also if this alternative is not too easy for you, the next thing is to research through the internet for some guides.
By Nonso G Bosah
