Important Steps When Filing For Loan Modification
When faced with foreclosure, a loan modification is usually the best and last hope for keeping your home (and credit) safe. The application process can be complex and daunting and the way you file the paperwork can be the determining factor in the lender accepting the terms of the modification. Here are a few simple, yet important steps that are needed to be successful in the process:
Work With An Experienced Loan Counselor/Underwriter When your options are exhausted you need someone with experience that will know what you’re qualified for regarding your specific situation. Legal Debt Solutions is able to challenge lenders, make counteroffers on your behalf and make sure that all paperwork is filed completely and professionally.
Make Sure Your Loan Workout is Realistic Modifying your mortgage loan often means extending payback periods or lowering interest rates, but make sure that the payment schedule is sustainable. It’s important that the homeowner gives accurate financial information to us so we can work with the servicer to give you the best options for a payback plan.
Watch Your Budget Troubled borrowers should cut back on spending and make accurate calculations on the financial information given to their servicers. Homeowners will often give inflated or overestimated figures which may result in unsustainable loan workouts.
Understand Loan Modification Lingo Borrowers and homeowners should know what they’re dealing with. There can definitely be a frustration when dealing with terms that aren’t easily understood. To make things a little easier for our clients. We have an extensive frequently asked questions and a glossary database for your loan modification reference.
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