Almost 1 million homeowners have been approved for a loan modification with their lender-but the sad fact is that millions of unfortunate borrowers have been denied the help they need and face losing their home. Why are come borrowers approved and many others are denied? Learn the 4 steps that will help you increase your chances of getting a loan workout and the affordable mortgage you need.
4 Steps to Loan Modification Success:
Know how to use the HAMP formula for approval-that's right-there is a standard, mathematical formula that lenders use to determine which borrowers qualify for this government loan workout plan. It just makes sense to use this formula when you prepare your application. Prepare your application package ahead of time-do not call your lender until you are fully prepared. This means you have gathered all of your income documents like paycheck stubs, W2's, bank statements and all of your monthly bills. You have completed your financial statement using your monthly income and expense information, and then made any necessary adjustments to make certain you fit into the debt ratio, target payment and disposable income formula for approval. If you need help with these important calculations, use a software program designed to do all the fine tuning for you. Once you have all of your application paperwork together, call you lender and ask to be considered for HAMP. Explain that you are experiencing financial difficulties and need a loan workout. Use a contact log to note every bit of correspondence you have with the lender-this is how you keep track of your progress and also how you document your efforts to work with your lender. Call at least once a week to keep your file moving through the system quickly.
Loan modification success does not happen by chance-most borrowers who are helped are those who prepared an accurate and acceptable application. You do not have to try to figure it out by yourself, or guess at how to do the calculations used by your lender. Take advantage of a software program to avoid mistakes and make certain that you adjusted your budget so you have the best chance of approval.
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