Do It Yourself Loan Modification
It's possible to handle your mortgage loan modification process yourself. If you decide to take on this job, it's important to know what to do. Even more important is knowing what NOT to do! In this article, we'll take a look at a few mistakes to avoid when turning in your mortgage loan modification application.
Mistake: Talking with the wrong person. If you get called at home by someone from the collections department, don't start talking to them about mortgage loan modification. Then can not and will not help you. They may say that they will help you if you pay up, but in reality they can't help you. Speak with the correct department at your lender's office instead.
Mistake: Not doing proper preparation for a mortgage loan modification. If you don't take to study the mortgage modification process, save yourself the hassle of sending in the paperwork. There's an enormous chance you'll get declined, because you haven't prepared properly. Reading this article on this site is a good starting point.
Mistake: Not telling the truth, the whole truth and nothing but the truth when applying for mortgage loan modification. Your lender WILL check up on the facts you provide with your mortgage loan modification application, so don't even try to tell a white lie or omit information. There's a big chance you will get caught, which will result in you losing any chance whatsoever of being accepted for a mortgage loan modification.
Mistake: Not checking up on your mortgage loan modification company before paying them an upfront fee. With the current foreclosure boom, mortgage loan modification companies are springing up left and right. Many of these companies are unqualified and plain unethical. Make sure you don't give a company money before you've assured yourself that they are reputable and in it for the long haul. Your objective is to get out of financial hardship, not make it worse.
Mistake: Not reading up on the approval criteria of your lender. If you fail to study the approval criteria for a loan modification proposal, you will almost surely get denied. Most mortgage loan modifications get denied because of the fact that the applicant has not read up on what should be included in his or her modification proposal.
If you make sure you don't make the mistakes we've outlined in this article, your application will look good to a lender. It doesn't guarantee approval, but it vastly increases your chances. Good luck!
Mistake: Talking with the wrong person. If you get called at home by someone from the collections department, don't start talking to them about mortgage loan modification. Then can not and will not help you. They may say that they will help you if you pay up, but in reality they can't help you. Speak with the correct department at your lender's office instead.
Mistake: Not doing proper preparation for a mortgage loan modification. If you don't take to study the mortgage modification process, save yourself the hassle of sending in the paperwork. There's an enormous chance you'll get declined, because you haven't prepared properly. Reading this article on this site is a good starting point.
Mistake: Not telling the truth, the whole truth and nothing but the truth when applying for mortgage loan modification. Your lender WILL check up on the facts you provide with your mortgage loan modification application, so don't even try to tell a white lie or omit information. There's a big chance you will get caught, which will result in you losing any chance whatsoever of being accepted for a mortgage loan modification.
Mistake: Not checking up on your mortgage loan modification company before paying them an upfront fee. With the current foreclosure boom, mortgage loan modification companies are springing up left and right. Many of these companies are unqualified and plain unethical. Make sure you don't give a company money before you've assured yourself that they are reputable and in it for the long haul. Your objective is to get out of financial hardship, not make it worse.
Mistake: Not reading up on the approval criteria of your lender. If you fail to study the approval criteria for a loan modification proposal, you will almost surely get denied. Most mortgage loan modifications get denied because of the fact that the applicant has not read up on what should be included in his or her modification proposal.
If you make sure you don't make the mistakes we've outlined in this article, your application will look good to a lender. It doesn't guarantee approval, but it vastly increases your chances. Good luck!
About the Author:
Janette writes about financial matters and mortgages in plain English. She also writes Dutch articles about hypotheek oversluiten and rente aflossingsvrije hypotheek.
posted by Debt Consolidation Loan at
5:18 AM
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