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Mortgage Loan Modification: 3 Tips for Applying

mortgage loan modification
  • Blog
  • Jill
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  • November 4, 2019

Mortgage Loan Modification: 3 Tips for Applying

Applying for a mortgage loan modification is an important decision. It can change the way you repay your loan. This application process can be tedious and difficult to understand. It requires a lot of knowledge and documentation. The process, however, is very worth it if it means that you have an easier method of paying off your loan. 

Understanding A Loan Modification

The best way to prepare for applying for a mortgage loan modification is to understand what you are working with. A loan modification is a way of making a borrower’s loan more affordable. This modification is permanent and can range anywhere from a reduced interest rate, a converted variable interest rate to a fixed interest rate, or an extension of the length of the loan. 

People who receive a foreclosure notice may feel inclined to stress and worry about their situation, but a loan modification can make the process of foreclosure much easier on them. It is important to remember the benefits. Extended payment terms mean you have more time to make back the money you need to pay on your mortgage. Not only that, but such leniency on the amount of time you have to pay back your mortgage will free up your money so that you can pay back on any other debts you have accumulated. 

Ask Questions

The first thing you will want to do when searching for a loan modification is to contact your mortgage lender. What are your loan modification eligibility requirements? Where do you obtain a loan modification application package? How long does it take to process the application? How long does the entire process take? What do you do if you continue receiving late payment notices? Does applying for a loan modification stop any foreclosure proceedings? 

You may feel that asking so many questions could be annoying, but in reality, it goes to show your lender how serious you are about a loan modification. Staying in touch with your lender also shows them that you are reliable. If you are so attentive to asking questions and checking in with your lender, it will show them that you can be counted on to repay your loan. 

What You Need for a Mortgage Modification 

The next best way to get ready for a loan modification is to gather the required documents in advance. Documentation can be tedious and stressful to sort out, but getting it all together early will make things much easier. Documentation will most likely require a financial statement, proof of income, your most recent tax returns, bank statements, and a hardship statement.

In addition to gathering these resources in advance, you may want to label your paperwork and turn it in as a complete bundle. This will also show reliability and that you are willing to put effort into loan repayment. By being so prepared and detailed, you are bound to impress. 

Still Complicated?

If you still feel overwhelmed by the concept of a loan modification, you need not worry. At Bartifay Law Offices, there are many experts who are available to help you through the process of a mortgage loan modification. Not only can we help you gather up the correct documentation, but we will also help you get through the application process with the best possible outcome. We are eager to help you through this process and help you feel at ease with your loans.

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