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Loan Modification Application - Three Tips You Have To Know

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Loan Modification Application - Three Tips You Have To Know

Approval of your application for your loan modification can hinge on how you prepare your forms. A large percentage of the application is the supporting information that you will provide to the lender. It is essential for you to assure that you have done everything in your power to be able to keep your home. This article offers you 3 tips to help you improve your chances of approval for the loan modification forms that you will fill out and present to your lender. It is as easy as 1, 2, 3!

Tip #1: Honesty Is the Best Policy - But know what you dont have to include

Honesty is always the best policy. In this situation, full disclosure is the best policy. When filling out the loan rework application be sure to not leave out any of the debts or income. As part of the process, the lender is obligated to verify all debts and income by comparing your application to your credit report and your bank statements. Leaving out any information will appear as though you are being dishonest. Dishonesty or discrepancies can get your application denied.

Tip #2: Negotiate With Your Lender

Knowing what the compromise between what you are actually able to pay and what the bank has set for guidelines is an important determination. You and the lender will have to come to an agreement on the approximate payment and make that the target. This target amount will be used to finalize the Proposed Financial Statement. The financial statement will be the evidence that will show your lender that you will be able to afford the new mortgage amount should you be able to stay in the home. The lender wants assurance that you will be out of danger and a low risk for defaulting on any future agreements. It is important to calculate before hand what you can afford and what your debt-income ratio is. Some do it yourself loan modification guide books will help you with this.

Tip #3 Hardship Letters That Win

Probably the most important document in your loan modification application is the hardship letter you will write describing the financial hardship that you are facing. In order to solicit empathy and possible approval of your loan modification from your lender you should be honest, transparent, and descriptive when writing about the financial suffrage you have and will have to endure because of the present mortgage agreement.

When your financial position is on a proverbial roller coaster, there is a sense of being out of control. You do have choices, there is help available, and you can regain control. There are proven techniques that are available to assist with improving your chance to be approved. The government has approved $75 billion for homeowners to keep their homes and lower their payments. You can be successful in submitting the loan modification forms. It is as easy as 1, 2, 3!

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