Get Loan Modification Right The First Time

Your mortgage is past due and you are lost for options and are possibly facing a foreclosure. Although the situation may look hopeless, you need not despair because a loan modification service may be your best solution for saving your home. At loanmoddepot.com we endeavor to help you get loan modification right the first time.

Document Your Financial Journey

Ensure that you have all the critical documents pertaining to your home loan facility updated, organized and filed appropriately. This document package will be the first thing that any lender will want to peruse. Additionally, the documents will help you keep track of your loan payments and overdue amounts.

Detail Your Income And Expenses Clearly

Create a detailed list of all your expenses and incomes for at least the past 3 months. Indicate income from employment and/or personal business and attach the necessary documents to support this. List any expenses on groceries, medical, travel, utilities, tuition fees and other recurring monthly expenses.

Make Them Understand Your Hardship

With the assistance of a loan modification expert, take time to detail and explain your hardship situation. Ensure to list any job loss experience, bereavement of the sole breadwinner, divorce expenses, medical expenses and any other issues that could have led to your situation. This should be presented in a well written hardship assistance letter.

Are Your Taxes Up To Date

Ensure to gather all information pertaining to your tax returns for at least the past 2 years. This will go to show your credit worthiness and your tax discipline.

Research And Stay Updated

Do appropriate research on loan modification options and consult with your loan modification firm where necessary. Also make sure to contact the lender on a periodic basis to ensure your application process is on track.