Many homeowners may be in a position where the size of their mortgage and repayments are a burden. Granted, it is the most expensive thing most will purchase in their lifetime. The risk of losing their home is a majorly worrying and stressful situation for any homeowner. There are a few steps homeowners considering a loan modification can take to improve their chances of being approved.
- Seek professional legal help. It is a fact that the loan modification application process is difficult, long and often confusing for those who have never experienced it before. Documents may be littered with legal jargon that the homeowner fails to understand, and they may subsequently make a mistake on their application, delaying a decision or even possibly leading to rejection altogether. This is why in the first instance, a modification attorney or company should be contacted. They understand the processes and implications of getting the application right, and will be able to assist with this, as well as answering any questions the homeowner may have. In most cases, the fee charged by the company or attorney can be included in the loan modification.
- Pay close attention to the specifics: For these types of applications, it is essential that homeowners are fastidious in their gathering and preparing of the paperwork to be submitted. They must be fully honest, and prepared for their lives to be scrutinised very closely by the lender. Meeting deadlines and comprehension of the criteria required will also go a long way to submitting a successful application.
- A hardship letter is crucial: A homeowner with a well presented hardship letter will have a better chance of being approved than one who does not take the time to prepare an appropriate one, so they are imperative.