Stuck with an unaffordable loan but not sure how to apply and qualify for a loan modification?  It may seem confusing and overwhelming, but here are the Top 10 Tips that you can use to make sure you get the help you need and avoid any mistakes.

Loan Modification Tip #1:  This is basic but very important, you must spend 2 hours of your time to learn the basics of the loan modification process.  Saving your home is worth this small investment of your time-you will be able to move thru the application paperwork with confidence and understand what to expect from your lender.  The best selling handbook for homeowners, The Complete Loan Modification Guide kit is an easy to understand resource to get you started.

Loan Modification Tip #2:  Know which loan modification programs fit your needs and which ones you could qualify for.  Each lender has their own guidelines, so depending on your circumstances, you may fit into one program better than another.  Once you have a general idea of which program you qualify for, you can tailor your paperwork to meet that program.  Learn about different loan modification options in Chapter 2B of The Complete Loan Modification Guide kit.

Loan Modification tip #3:  Sit down with the family and work out a realistic budget that eliminates any unnecessary expenses.  You need to show the bank that your house payment is your priority.  Remember, you are asking them to revise the terms of your loan that you originally agreed to-so they need to know that you are doing everything you can to keep your house.

Loan Modification Tip #4:  Gather all of the required documents so that you have them handy and ready for review.  You will need to fill out some forms that require information on your monthly debts and income.  Having all of this paperwork gathered ahead of time will save you frustration and wasted time.  You can follow a simple Document Checklist provided in Chapter 10 of The Complete Loan Modification Guide kit.

Loan Modification Tip #5:  Now, that you have all of your information in front of you, begin working on your financial statement.  Here is where you show your lender that you cannot afford the current payment, but that you will pay able to pay the new, lower mortgage payment.  This is the #1 secret to success-learn how to prepare you financial statement correctly in Chapter 4c of The Complete Loan Modification Guide.

Loan Modification Tip #5:  You must provide your lender with a Hardship Letter.  This is a brief explanation of your situation, why you cannot afford the current payment and how you will adjust your budget so that you can afford to pay and maintain the new modified payment.  This is your chance to gain your lenders understanding and empathy.  Explain that circumstances out of your control have caused this problem, but you are a committed homeowner willing to do whatever it takes to save your home.  There are 3 critical elements to an effective hardship letter, you can follow an example provided to you in The Complete Loan Modification Guide kit.

Loan Modification Tip #6:  Check and double check all of your paperwork to make sure there are no errors, it is legible and complete.  This is really important because lenders have thousands of applications to review.  Those that are missing items, are not done correctly or they cannot read clearly will be set aside and not worked on.  You need an answer fast-a complete, correct and professional looking loan modification application will get the results you need faster.

Loan Modification Tip #7;  Now that you have fine tuned your application, know what you asking for and have all of your documents in order, contact your bank.  Only speak with the loss mitigation department-those bank employees who are calling you demanding payment are not who you need to speak with-those are the collection dept. employees-they will not help you.  There is a list of lender phone numbers provided in The Complete Loan Modification Guide that will get you to the right department.

Loan Modification Tip #8:  Fax, email, or mail or complete loan modification package to your lender, retaining proof of that you submitted it.  Use the Contact Log in Chapter 10 of The Complete Loan Modification Guide to write down the date, time and method of submission.  Follow up in a few days to confirm that your application was received.  Never wait for the bank to contact you-use this log to note every phone call, fax or writter correspondence.  You must be very persistent if you hope to be successful.  Don’t take it personally and don’t take no for an answer.

Loan Modification Tip #9:  Do not spend the money you would normally use for your house payment.  The temptation is great to use that money for other expenses, but that could be a mistake.  If you have not made a payment for many months your bank may expect you to have some money to pay a good faith deposit to start the loan modification.  Try to put away some money so that you will be able to pay this start up fee if required.

Loan Modification Tip # 10:  When you receive the loan workout proposal from your lender, read it carefully.  Make sure you understand the new terms and that they are affordable for you now and in the future.  A short term solution is not the answer.  The new federal programs are meant to give you an affordable and sustainable payment-don’t settle for anything less.

Don’t worry-you don’t have to figure this out on your own-nor do you have to pay thousands to some company.  We agree with President Obama-do it yourself!  You can get the help you need to apply and qualify for a loan modification with your lender by ordering and downloading the best selling handbook for homeowners, The Complete Loan Modification Guide. This is a low cost, easy to read, home edition loan mod kit that will provide you with everything you need to prepare a professional and acceptable loan modification application. You are provided with all of the necessary forms and given detailed directions on how to complete them properly.

Home Edition Loan Modification Kit with Customer Assist

The Complete Loan Modification Guide will take you step by step through calculating your debt ratio, completing the financial statements, writing your hardship letter and then putting it all together to submit to your lender. Learn how to qualify for the Obama Federal loan modification plan.

Need help completing your loan modification forms?  Find out about our Customer Assist program-you work one-on-one with your very own expert to make sure your application is completed correctly. Get started today on the path to secure home ownership, order and download The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com