Getting a Mortgage Modification: Tips & Advice

Many homeowners may not realise that a mortgage modification could be a great help to them. A modification can not only assist those facing foreclosure or those who are behind with their repayments, but it can also help those who would like a lower monthly repayment or a lowered interest rate. The process for obtaining a loan modification is not easy, and it can seem like a daunting and stressful journey, which won’t happen overnight, but these tips should help prepare any homeowner who is considering loan modification to achieve the result they desire.

  1. Seek out a loan company or an attorney: Although not an essential step, it will make the process run more smoothly and easily. There are a variety of companies and attorneys who specialise in this area, so it is definitely worth researching a number and finding out exactly what they do and how they can help.
  2. Keep documentation accessible and organised: There is a large volume of paperwork to complete during the course of seeking a loan modification, so it is a good idea to have the relevant documents to hand before seeking advice from a company or attorney. The process can be made quicker and easier if the applicant has some basic documentation to hand. Essential documents needed include:
    1. Paystubs or payslips
    2. Bank statements
  • A hardship letter
  1. Any documentation pertaining to the loan agreement the homeowner currently has.
  1. Ask questions: This is an unfamiliar process, and it is acceptable to ask questions as you need to. There are no irrelevant questions when your home is at stake.
  2. Stay in contact with the company or attorney. Ask about progress or if there is anything they require to speed up the process.