Loan modification tips for getting it approved
Many people believe they have little or no control over whether a lender approves their loan modification application? This might be partially right, but you can do everything in your power to present the paperwork Well, so you stand a bigger chance of getting the loan. There are many things you can do to speed up the process and increase your chances of getting a loan approved. Here are a few tips:
When you are in trouble, or you fear trouble is on the horizon for your mortgage payments, contact your bank. It's never a good idea to sit passively and wait until problems arise. Even if you don't feel like speaking to the bank, get over it and try to work out a solution. This will only get harder when you start getting behind on your payments.
Anyone that submits the paperwork for a loan modification should study the lender's approval guidelines. Be sure to take the time to do this. If you don't even take the time to go through the approval guidelines, it's unreasonable to suspect your lender to put much effort into your case. Everyday, a lot of people apply for loan modification and if it looks like you're not trying, your application will be denied.
Also, when you're negotiating about a solution, don't try to get away with ridiculous payments. Every lender has their own approval criteria that must be met. Be sure to offer a well thought out payment that's fair for you and fair for your bank.
Never omit information your income or assets. The bank will find out. They have a very large bank of information about you and when you ask them for help, they will go through this information and check. If you get caught, you'll get in trouble. This is a prime cause of loan modification denial, so don't underestimate the consequences of omitting information.
Be sure to take the time to complete your loan modification application properly. The necessary preparation increases your chance if acceptance. Not only that, it saves you time in the long run and saves the lender time also.
When you are in trouble, or you fear trouble is on the horizon for your mortgage payments, contact your bank. It's never a good idea to sit passively and wait until problems arise. Even if you don't feel like speaking to the bank, get over it and try to work out a solution. This will only get harder when you start getting behind on your payments.
Anyone that submits the paperwork for a loan modification should study the lender's approval guidelines. Be sure to take the time to do this. If you don't even take the time to go through the approval guidelines, it's unreasonable to suspect your lender to put much effort into your case. Everyday, a lot of people apply for loan modification and if it looks like you're not trying, your application will be denied.
Also, when you're negotiating about a solution, don't try to get away with ridiculous payments. Every lender has their own approval criteria that must be met. Be sure to offer a well thought out payment that's fair for you and fair for your bank.
Never omit information your income or assets. The bank will find out. They have a very large bank of information about you and when you ask them for help, they will go through this information and check. If you get caught, you'll get in trouble. This is a prime cause of loan modification denial, so don't underestimate the consequences of omitting information.
Be sure to take the time to complete your loan modification application properly. The necessary preparation increases your chance if acceptance. Not only that, it saves you time in the long run and saves the lender time also.
About the Author:
Julie writes articles about mortgages and homes in English. She also writes about actuele hypotheekrente and maximale hypotheek berekenen in Dutch.
posted by Credit Counseling at
4:29 AM
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