Consult someone who can guide you
You may visit a government approved loan modification consultant who will go through your financial statements and advice you on the options available to you. They provide these services at little to no cost. They will also notify you of all the documents that will be required for the process.
Approach the mortgage company
The actual approval of the modification rest in the hands of the mortgage company. They are obliged to go through your application but the final decision rests in their hands.
Be prepared for questions and interview
Every loan application has an approval process for loan modification mitigation. The lender will ask you about your current financial status. Your income, expenses, debts and assets will be studied and your future ability for mortgage payment will be considered. You will be asked to present your financial statements, tax return and documents related to your home and mortgage.
After your application has been received, the company will check it out. Various factors, such as your income and housing costs, the condition and value of the property and the programs for which your loan is eligible will be considered. The company may reject or approve the application. The process will take some time and effort; so, be patient.
Trial Loan Modification
After completion of the application process, the loan modification inspector will take a decision on it. If they approve your application, you will get a trial loan modification. The trial modification lasts for about three months. You will be required to pay the decided amounts during this period.
If all your mortgage payments are paid by the due date during trial period and your financial circumstances are still the same, you will be considered for a final approval at the end of the trial period. It may take the mortgage company a few months to decide on the final approval. They may decide to approve or decline your application. Once approved, you will just need to sign the documents and your loan will be modified.