Make sure you read this before you prepare your application or contact your bank for a loan workout.  Do you know how to complete your loan modification forms properly so that you have the best chance of getting your lender’s approval?  The fact is that your bank will base it’s decision in large part on the information you provide to them-information on your loan modification forms shows your bank whether you meet their guidelines for approval or not.  So, it is very important to learn and prepare before you submit your application for a loan workout to increase your chances of success.  Here are 3 mistakes to avoid when completing your loan modification forms:

Mistake #1:  Incomplete or inaccurate information-your lender will run your credit report and compare the information you have provided on your  forms with your credit report.  You must be sure to disclose all of your debts and income, and fill in all of the information the lender needs.  Incomplete or inaccurate forms may be rejected.

Mistake #2:  Not preparing a convincing and compelling Hardship Letter that really explains your situation and gives a valid reason for your financial difficulties.  The goal is to get your bank to empathize with your circumstances, and paint the picture of a committed homeowner, who through now fault of their own, is in need of help to stay in their home with a loan modification to lower their monthly mortgage payment.  When you write a Hardship letter explaining what happened, how it affected you and your plans to get back on track, you give your lender a reason to justify your loan workout approval.  Make sure you include the 3 critical elements of an effective letter by following a helpful Hardship Letter Outline.

Mistake #3:  Not knowing your lenders guidelines for approval and preparing your loan modification forms so they do not meet the qualifications.  Simply put, if you know ahead of time what your bank needs to see in order to approve your application, you will be able to complete your forms so they have the best chance of meeting those approval guidelines.  How can you qualify for something that you do not even know the requirements for?  Why take a shot in the dark when you can increase your chances of completing your loan modification forms properly with just a little bit of knowledge and preparation?  It’s just common sense, learn and prepare, and you will get better results!

The federal loan workout plan, called Home Affordable Modification has made easier than ever to work directly with your lender and get approved.  Because this plan has standard guidelines for everyone-there is no more guess work!  Simply know the basics of what is required to qualify, then complete your financial statement so that if meets those guidelines as closely as possible.  You may have to make some minor adjustments to your budget to meet the target payment and debt ratio guideline.  When you prepare your forms correctly ahead of time, you are giving yourself the inside edge to approval.  Simply put-know the formula-follow the formula and you will most likely be approved!

Don’t just slap your paperwork together and hope for the best-that is a big mistake.  You can avoid these loan modification form mistakes and increase your chances for approval by taking the time to learn your banks guidelines for approval, understand how to complete your application so it meets those guidelines, and submitting an accurate and acceptable loan modification proposal.  Help is available-if you know how to get it.  Make sure you give yourself the edge you need to get the help you deserve.

Home Edition Loan Modification Kit with Customer Assist

Learn the formula for success and get the help you need to apply and qualify for a loan modification by ordering 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. You also get 30 days of email support to ask questions, a series of insider tips and a monthly newsletter to keep you up to date on program changes. 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 The Complete Loan Modification Guide. For more information about mortgage loan modification, please visit us at: http://www.myloanmodificationcenter.com