Loan modification programs - 3 important qualifications for approval

Trying to apply a loan modification, but worried if you qualify? It 'true that not everyone will qualify for a loan modification to lower their payment, so how can you be sure to get the application to the front of the line and have the best chance for approval? Here are 3 important qualifications for approval you must know before applying.

Loan Modification Qualification # 1: You must be able to demonstrate to your lender that you have suffered financial hardship that has made your current mortgage payment unbearable. There are some circumstances that creditors consider it a difficult situation acceptable. Divorce / separation, military service, death of a family member, job loss, reduced income, medical expenses, illness, incarceration and transfer of jobs are all considered to be taken into account. Loss of equity alone does not. There are three critical elements of effective charge in a letter You know what they are? Here is a tip-use the phrase "imminent risk of default" and you'll get your lenders attention.

Loan Modification Qualification # 2: You can try your lender that, if given the new modified mortgage payment lower than you'll be able to afford to maintain it, now and in the future? Lenders want to know that you will not be at risk of failure again. How can you prove this to them? Make it easy by providing the required financial statement that will demonstrate its ability to pay the new payment and help convince your lender to grant approval for the proposed new lower payment. The current mortgage payment, including property taxes, homeowners insurance and any Homeowner Association dues, must be equal to more than 31% of gross monthly income. Learn to calculate the new payment on the basis of the target guidelines Hamp Obama. If you are confused about how to do this, use the software program designed specifically for homeowners who automatically does all the calculations for you.

Loan Modification Qualification # 3: Be able to present a specific question, complete and acceptable to your bank for review and consideration. Your lender make a decision based largely on information provided to them. Submitting the application incomplete and poorly prepared can result in a denial of help you need. Be sure to properly prepare the documentation and then send everything the lender will need all together in a package of professional and acceptable loan modification.

TIP: Be sure to prepare the financial statements before calling your lender. Do not disclose any of your income or debts until they have had time to work on your budget and make any necessary adjustments so that adapts to the approval of the guidelines. This is easy to do if you follow the directions in a manual and a software program that does all the calculations automatically. Just enter your own monthly income and monthly expenses and see immediately if you need to make some changes to the budget in order to meet the guidelines for approval. You can avoid costly mistakes and save hours of frustration.

These are extraordinary times and more homeowners are facing losing their homes than at any other time in our nations history. Borrowers who need help do not wait to be rescued-help is available, but you need to know how to get it and be ready to fight for your home. Start now by learning and preparing to apply for your lender to get the help you need and deserve. Billions of dollars of taxpayers' money has been earmarked for loan modification programs to help stop foreclosures. Do not miss the opportunity to save your family home .......