subject: Mortgage Modification - The Best Option To Save Your House From Foreclosure [print this page] If you want to stop or avoid foreclosure, you need to act fast, as you will not be allotted much time. In reality if you foresee the problem, you need to work out the options and search for the most suitable one. However the mortgage modification process is the best option when you want to save your house from foreclosure. Although this process was not so easy to handle few years back, the genuine efforts of the present government has made it easy for lenders and homeowners both.
Before you apply for the loan modification, you should take professional help and discuss the matter with your legal adviser. Even though it takes some time for the entire process to get completed, there are some things that you can do so that the process gets speed up for you.
The first thing is that if your paperwork is complete and relevant, the process of mortgage modification will be faster. Also make sure that you file the documents properly and in the sequence that the lender wants to see. When you produce the hardship letter, be very clear and specific while mentioning the reason behind your financial crunch. Also do not forget to do your own financial statements and support them with relevant documents that can be easily verified and crosschecked by the lender. It is advisable to mention your future plan to manage the restructured home loan perfectly.
The lender is more concerned about the regularity of the repayments after the mortgage loan will be restructured. Once assured about the regular payments of the loan, he will approve your loan modification application. You should give as much information as you can and mention your complete contact information, the details of your existing loan, your present household income, value of your entire assets and the liabilities like a car loan, medical expenses, monthly bills, tax lines etc. Once your lender approves your loan modification application, you will have a restructured loan that will be in comfortable installments.
It is quite possible that your lender will enhance the loan tenure or decrease the rate of interest on your home loan or both. This will reduce the monthly installments and so you will comfortably be able to repay your home loan. It is advisable that you apply for the mortgage modification process as soon as you feel that you will not be able to cope up with the high rate of interest and the heavy installments of your home loan.
by: Jason Witts
welcome to Insurances.net (https://www.insurances.net)
