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Offering loan modifications will be more beneficial than completing a full foreclosure process for lenders for several reasons. One primary reason is the loan modification option can many times create a win/win situation for both the lender and the borrower. This situation can be created by rolling any late fees, past due balances, and or outstanding principal and interest owed back in to the modified loan, thus reducing lost revenue for the lender and creating a manageable repayment structure for the borrower. Second, by stretching the loan out over an extended period, it ensures that the borrower is able [...] Continue Reading…
The best way to get the process started will be by contacting a loan modification specialist; we can easily get you in contact with a specialist in your area by clicking on the link below for a free consultation.
You do have the option to try to get the process started on your own, but with all the laws, rules, various lender requirements and procedures, industry leaders highly recommended that you contact a professional to help you get the ball rolling and determine if a loan modification is even an option for you. The best advice is to do your [...] Continue Reading…
As touched on in the previous section, you will need to provide the lender with proof of your current income. Additionally, you will need to compile a complete detailed financial statement listing your income and expenses to prove that if your loan modification is approved you will be able to make the adjusted lower payment. Remember that your documentation needs to provide proof to the bank/lender that approving your loan modification is in their best interest. Some documents that might help with the approval of your loan modification application are: Proof that you have had a significant decrease in [...] Continue Reading… |
