Wednesday, July 10, 2013

Loan Modification

LOAN MODIFICATION:

Home loan modification guidelines vary from lender to lender and within one lending institution there can be a variety of mortgage pre foreclosure options that determine which Loan Modification program you are eligible for.  

LOAN MODIFICATION PROGRAM APPROVAL: 

Home loan modification pre-approval can be preliminary base on questions that determine which type of program you are eligible for.  Final approvals for foreclosure prevention help in the form of a loan modification is determined by a few factors such as:

  • Monthly Income
  • Hardship
  • Affordability of Home at Current Income
  • Is hardship issue temporary or permanent

Mortgage help varies an if you were denied there maybe additional programs (loan modification updated guidelines). 

Options for loan modification are one area our specialist are accustomed to resolving successfully.  Loan modification for foreclosure prevention help are free with your lender and should be your 1st option.    We have assisted homeowners with loan modifications for 4 years and the owner have 7 years of experience.

 Sometimes there's one minor omission that needs corrected for submission.  Call your lender and ask them to specifically explain what you need to complete your file, if denied ask if you can resubmit your file.   It can take several months and minor things may need updated (no actual omissions).  If it takes 3 months before completion (usually it does) updated financials could be a reason for denial. 

If you have a denial and the lender refuses to help our Foreclosure Prevention Specialist will be more than happy to assist you.  You can submit a request confidentially and safe at the link: pre-foreclosure Helping Families LLC.

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