Author : Susan V. Gregory
The very first criteria for a loan modification is a hardship situation. This usually means that due to circumstances out of your control you have lost income or have increased expenses, perhaps due to medical, divorce, natural disaster, etc. The bank wants to be certain that you are indeed a deserving candidate for a loan workout. Just because your neighbor got a 2.5% loan modification, is not a good enough reason for you to get one!
In addition to the loan modification hardship letter, the feds are so serious about only helping deserving homeowners and weeding out those who want to jump on the modification bandwagon, they actually have you sign an Affidavit. This is a standard form that you complete and sign under penalty of perjury. A section of the affidavit asks you why you are facing a financial hardship-you check off all applicable boxes. Another section has you sign stating that you have not intentionally missed payments in order to qualify for a loan workout.
You must also write a brief description of your actual situation. This is your chance to tell the bank what has transpired in your life to put you in your current circumstances. You want to write a compelling story-one that is sympathetic and gains your lenders cooperation-but it must also be concise and to the point. No need to write a novel-they won't read it anyway if it's too long!
A loan modification hardship letter and affidavit is the basis for granting you a loan workout. If you can prove to the bank with some type of documentation-say copies of medical bills or military deployment orders-that you ability to pay the mortgage has been affected, then at least they will be willing to review your application. It's really the whole picture that your bank wants to see-your current financial circumstances, your ability to pay and maintain the new modified payment, and how your budget fits into the program guidelines.
You can follow step by step directions to write a convincing hardship letter, complete your financial statements and include all the necessary documents by using a homeowner resource guide. This is a very serious process, and since your home could be on the line, make sure you do everything you can to be successful.
You can get the help you need to apply and qualify for a loan modification by ordering and downloading the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly. The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Learn how to apply and qualify for the Obama federal program too. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide.
For more information about mortgage loan modification, please visit us at:
http://www.myloanmodificationcenter.com
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