Author : Suzan Smith
It has always been possible to get a loan modification when you had mortgage problems, but it has become much more widely known since President Obama signed his Home Affordable Mortgage Plan. It is now much easier to get approved. This option is definitely worth the consideration.
If you are in the middle of a financial hardship situation, do not delay. Be on the offense and do your research. While it is not too late, see if you may qualify. You can get information on the government website or from a Housing and Urban Development Office, HUD. There are also non-profit organizations that are approved by HUD that offer financial counseling when you are facing foreclosure. These services are free of charge.
There are some fee-based services that offer assistance, but some of these are quite dishonest. If you choose to pay someone to assist you, you should not make any decisions until you have researched them, especially with the Better Business Bureau. There is no need to obtain a fee-based service. President Obama has cautioned that you should never pay any money in advance to a service that makes claims about getting modifications for people.
Initially, you need to get an appointment with the mortgage counselor. Be sure you bring all of your financial documents: pay stubs, bills, etc... The counselor will evaluate your financial situation and present your options to you. They will provide an opinion as to the most attractive option you have.
If a loan modification is the best option for you, you can get assistance from the counselor in writing a loan modification hardship letter. This document presents your situation to the lender with convincing evidence why you are having financial hardship. Job loss, illness, death, divorce, or military service are some plausible scenarios.
When you write this letter, it will need to be very direct and truthful. Any documenting paperwork will need to be included. Your counselor will assist you in this, and they may also serve as an advocate for you with the bank as you proceed through the loan process.
Home Loan Modification is a great option for those who are struggling terribly with their monthly mortgage payment. Obtaining a lower monthly payment could remove the stress each month of wondering if you will be able to make your payment.
To save your home, click here to learn more about Obama's home stimulus package.
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