Going through the loan modification process isn’t something that happens over night. The following steps will help you on your way to hopefully achieving your final goal:
- Know your goals – Your current situation will be assessed by a loan modification specialist, and they can then determine which avenue you should realistically be taking
- Are you eligible – Your requirements for eligibility will be looked at in full
- Provide and look over your documents – which ever mortgage modification specialist looks at your mortgage documents, they will be able to liaise with their legal team about your options, so make sure you have these documents ASAP
- Get the loan modification application and your documents submitted – after having your documents reviewed, your application for a mortgage modification will be completed, it is then submitted to the legal counsel of the lender or the lender themselves
- Patience is required – the application has to be reviewed so do not expect to hear anything back from your loan specialist for at least a few days
- Your application maybe reviewed – the legal team or lender may want additional information from you, to confirm the accuracy of your loan modification application if this is the case then expect the application to take a while longer
- The loan modification needs to be negotiated – once the loan modification has been agreed, you are then given the choice as to whether you want to accept their offer or not. Loan modification specialists excel at seeking mortgage relief and this is usually dealt with quickly
Avoid Foreclosure and get a loan modification with lower payments.
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