But after a few years, life gets difficult and financial crisis happens. It gets harder and harder to pay for our mortgage and before you know it, you are piled with debts. But you know how they say it: problems were coupled with solutions when they were created. Good thing Hays Law Centers exist to assist us.
As for a financial problem like mortgage payment, there is what we call the loan modification. Loan modification is the process of requesting the lender to change, not cancel, any or several terms in loan like monthly payment amount, change in the interest rate, or extending the term of the loan. But how do you exactly get approved for loan modification? Many people just jump in the process without getting prepared. Here are essential guidelines to have your loan modification approved:
Prove that you are undergoing hardship. The most important criterion in getting approved is the proof that you can no longer comply with the payment amounts on your current loan. You can use a redundancy letter as a tool to prove your hardship.
Show proof that you recently had unexpected expenses and accurate documentation of your present expenses. Aside from the hardship you are going through, your ability to pay for the newly modified terms is also taken into account in approving a loan modification. Make sure you prove that you can still comply with the new terms.
Present records of all the payments you have made in the past and also the most recent. To support the fact that you can still comply with newly modified payment terms, it is important that you show them how compliant you were with the loan terms before you got into difficulty. This way, they can trust you that you won’t run from your debts since you already have proof of how good a payer you are.
Present a good hardship letter. A big proportion of being approved also depends on your hardship letter. Avoid being too emotional in your letter. Lenders already have read too many hard luck stories. Write something plain, simple and straight to the point. The only purpose of a hardship letter is to present how you got into a difficult situation that you can no longer comply with the current loan terms. Be accurate and do not get tempted in telling something which is not entirely true. It is also recommended that you have a professional help you with your hardship letter.
Loan modification is an absolute solution to your mortgage problem. But if not done correctly, it may result as another problem. So make sure you push yourself in getting as many information about it as possible. You can also ask assistance from loan modification companies who would guide you all through out. Check out Hayslawcenters.com to get started.
Hays Law Centers business is attorney providing loan modification and foreclosure services, real estate , personal injury, and family law.
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