With increasingly more people applying for mortgage modification loan, it is more important than ever to ensure that your application is completed properly in order to give you the best chance of getting approved for the mortgage modification loan that will prevent you from losing your home. So what should you do to give yourself the best chance of having your mortgage modification loan application accepted?
1: Firstly you should really familiarise yourself with what will count as a hardship for your lender. Some of them have more specific requirements than others and you would be well advised to check out your own lender's guidelines before applying. Most accept the likes of unemployment, the closure or loss of a business, the death of a financially contributing member of the household etc etc. But remember it varies and check with your lender specifically.
2: Your hardship letter is critically important. Remember to be honest and frank about how you came to be in this financial situation and do so without feeding them a sob story. Be entirely honest and reread it. If you have even made the tiniest genuine accidental mistake on there it could throw doubt over you whole application. At the end of your letter, sum up by declaring your intention to stay with your lender in resolving the issue. They want assurance that they will get their money back.
3: Enclose the documents you lender can use to verify your claim, such as bank statements and tax returns. Submit everything together if possible. This will make the process more efficient for the lender.
4: Be realistic. Explain what you can afford to pay and aim somewhere between 32 and 40% of your gross monthly income for each monthly payment. If you are unrealistic and unreasonable, the bank will not be prepared to negotiate with you.
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