You bet every American’s wish is for their monthly loan payments to be lowered while still being allowed to live in their home. Unfortunately, not everyone is lucky enough to get this wish since banks are not required by law to adjust the repayment plan for every struggling homeowner.
There is, however, loan modification programs for families who are indeed struggling with their mortgage loan payments, and who satisfy the eligibility criteria. If you’re totally new to these programs, you could benefit from the help of a loan modification professional who can help you determine if indeed you meet the requirements.
Is Loan Modification A Trap By Lenders?
Lenders prefer to accept a genuine application from loan modification since this also profits them. Although a lot of people think that lenders are trying to trap them by offering different loan modification options, banks have actually worked out the cost of a modified loan offer versus that of a foreclosure and discovered that the latter is more expensive.
The Loan Modification Process
A loan modification company can educate you on different loan modification options and then help you in the application process. The first step from you should be to write a hardship letter, which should detail the reasons for your financial hardship, and your plan for the future. If you are working with a loan modification expert, he or show will also ask you provide certain copies of documents to the bank which will help shed light on the depth of the situation and help the lender determine if you’re indeed eligible for a modified payment plan.
Once you have succeeded in convincing the bank that you can afford to maintain a restructured payment agreement, your chances of getting your application approved will automatically increase. On average, borrowers whose debt is greater than the current value of their home mostly get their loan modification application approved. At loadmoddepot.com we can help you determine your eligibility and the loan modification option that’s perfect for your case.