Certainly, you would not wish for something like this to happen, would you? Actually, there is a way to prevent this from happening, and that's through a loan modification.
The thing is, getting approved is not always easy.
Many, in fact, have found no success with their application for a loan modification.
You see, it takes more than just writing a letter to the financial institution requesting for a loan modification.
If you want to make sure that you will be successful the first time you attempt to apply for a loan modification, you must be able to make the impression that you are, indeed, worthy of assistance.
- Write a brief but concise and honest to goodness hardship letter that tells of your financial woes as well as your inability to pay the mortgage payments.
Then, change your lifestyle and modify your budget so your lender will be able to see your sincerity in paying off the loan.
- You must be able to present your lender with a detailed worksheet or your financial income versus expenses.
You must be able to come up with a proposal of the amount you intend to pay monthly.
- Finally, don't miss out on the necessary documents that you must present to your lender.
Keep in mind that when making a loan modification request, you must support it with the necessary documents.
This is very important so your lender will be able to properly assess and evaluate your case to see if you indeed deserve to be granted a mortgage modification.
Take one step at a time and you'll be on your way to getting the loan modification that you need to keep your home.