Learn how!

Want to have the very best chance of getting approved for a loan workout with your lender?  Then make sure you know the loan modification criteria for approval before you complete your application or speak with your lender.  It just makes sense to learn and prepare ahead of time so you will be armed and ready to work with your bank to get a lower mortgage payment.  Here is some good information to get you started.

Every lender has their own criteria to determine if a homeowner is qualified for a loan modification.  However, all lenders follow the same general guidelines.  If you can prove in black and white that you meet those guidelines, then you are on your way to getting the help you need.  Here is the basic criteria:

1. Financial hardship-this means that due to circumstances out of your control, you can no longer afford your mortgage payment.  This could be due to an adjustable interest rate re-set, loss of income, increased expenses-like medical bills, divorce, military service, etc.  How do you convince your lender that your situation qualifies you for a loan modification?  You must write a convincing and compelling hardship letter that explains and details your circumstances.  An effective letter contains 3 critical elements-you can learn what they are and how to write your own letter to get the results you need in Chapter 2 of The Complete Loan Modification Guide kit-the #1 resource guide for homeowners.
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   Work on your budget now

   2.  You must meet the debt ratio requirement-meaning your income and expenses are detailed on your financial statement or budget and clearly demonstrate that you can afford to pay and maintain the new loan payment.  What is the debt ratio requirement?  Well, that depends on the program and lender.  Most guidelines are between 38% and 52%.  Do you know how to calculate your own debt ratio and then complete your financial statement so that your expenses are in line with your income and new mortgage payment?  It’s not hard to do-just follow the easy directions in Chapter 3 of The Complete Loan Modification Guide handbook.

3. 3.  Are you able to prove your income?  Your lender needs to be able to verify your income-either with paychecks, bank statements, award letters and tax returns.  In addition, you will be asked to supply copies of a utility bill, your property tax bill and some other paperwork.  Make sure you provide everything all at once-missing items will delay your answer!  Follow the easy submission checklist provided in Chapter 10 of The Complete Loan Modification Guide kit.
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   Get the Right Person on the Phone!

   4.  The telephone interview is very important-how you answer the questions will help determine your eligibility.  Make sure you have all of your loan modification forms completed and in front of you before you begin the interview.  You don’t want to be stumbling about trying to answer correctly with your lender on the phone!  You can be confident and secure when you take the time to prepare your application beforehand and be able to make any adjustments necessary prior to calling your bank.

Knowledge and preparation are the secrets to getting approved-know your lenders loan modification criteria for approval-then complete your paperwork so that it meets that criteria.  Your home is too important to leave to chance-your time and effort will be well worth it. 

You can get the help you need to apply and qualify for a loan modification 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. 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.

Home Edition Loan Modification Kit with Customer Assist

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