Loan Modification Help
This is a quick overview of some of the things you need to know if you want to work out a mortgage loan modification with your lender. If you are able to come to an agreement, you may be able to use this to keep your home and stop it from going through foreclosure.
The next thing you need to do is get all of your financial information together. You will need to be able to prove your income and expenses. That means you have to have all of your recent pay stubs and bills, and maybe some that are not so recent. You will also need tax records for the past two to three years. Be prepared to prove any unusual expenses that contributed to you falling behind on your mortgage.
When you are working with a lender to get a modification, you must keep records of everything that is said, as well as any correspondence sent or received. Some banks are notorious for saying they didn’t receive something when they did or trying to change the terms that were agreed to. Get a recording device for your phone and use it. Keep anything you get from the lender in the mail and keep copies of anything you send to the lender.
It can be tempting to spend the money that would normally go toward your house payment on other things, since you can’t afford the house payment anyhow. This is a really bad idea. If the lender does agree to modify the terms of your loan, they will want an upfront payment to show that you are serious. If you don’t have anything to offer them, they are going to want to know what you did with the money.
Be careful what you agree to. Sometimes the mortgage loan modification offered by the lender is a bad deal. In fact, a lot of times the offer that they will give you involves you paying your normal mortgage payment plus a certain amount for a number of months until you get caught up. Chances are, you won’t be able to pay an even larger payment if you weren’t able to keep up with the regular payment to begin with.
For assistance with loan modification contact a qualified loan modification attorney that will look out for you and your family’s best interest such as Janian and Associates.
