Stressed out trying to figure out how you can qualify for a loan modification program with your lender?  If you are stuck in an unaffordable mortgage and need to apply for a loan workout with your bank, make sure you understand how you can improve your chances for approval.  Why are some homeowners approved while others are denied?  Read these 4 main qualifications for loan modification approval that your lender will be looking for.

Qualification #1:  Financial Hardship-you must be able to prove to your lender that you have suffered a financial hardship out of your control that has made the current mortgage payment unaffordable and therefore you need to apply for a loan modification program.  The best way to explain your current situation to your bank is to provide them with a convincing Hardship Letter.  This is your chance to give your lender a snapshot of what has happened in your life that has caused you to become delinquent.  Your Hardship Letter must be descriptive and convincing so that the counselor who is reading it will be touched by your circumstances and be able to relate to what you have gone through.  You can get help to write your own letter by following the Hardship Letter outline and letter template provided in The Complete Loan Modification Guide.

Qualification #2:  Be able to back up your hardship story by providing your lender with documentation that supports your story.  Let’s say you had a medical issue that caused you to fall behind, then provide copies of the medical bills.  If you were laid off work, give them a copy of the notice from your employer.  When you provide hard evidence of your hardship, you are giving your lender a valid reason for approving your application for help with a loan modification program.

Qualification #3:  Prove to your bank in black and white that while the current mortgage payment is not affordable, the new lower modified payment will be manageable now and in the future.  Lenders are concerned that borrowers will redefault even after having received a loan modification.  You need to prove to them that you have implemented a new family budget that is centered around the new modified payment and that you have a strong commitment to continued home ownership.  This can be tricky, but The Complete Loan Modification Guide makes it easy to do by providing you with a Current and a Proposed Financial Statement and gives you step by step instructions so you can complete these forms properly so that your bank will be able to verify your ability to pay the new payment.

Qualification #4:  Provide your bank with a complete and accurate loan modification program application that will meet your lender’s guidelines for approval and includes everything they need to see from you.  Missing or incomplete documents will cause your application to be set aside and you will not get the results you need.  How can you be sure that you have completed all of the forms properly and provided your bank with everything they need to approve your application?  It’s easy when you follow the detailed directions and simple Document checklist provided to you in The Complete Loan Modification Guide.

When your home is on the line, you cannot afford to take any chances or leave it to someone else.  Help is available for homeowners who know how to get it.  You must make the decision to become informed and be prepared so that you can fight for your family’s home.  Billions of dollars of your tax money has been allocated for loan modification programs to help homeowners just like you-do not wait-you need and deserve this help.

Fortunately, you do not have to figure this out by yourself-you can get the help you need to understand and apply for a loan modification program by ordering and downloading The Complete Loan Modification Guide. This is a low cost, easy to read handbook 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. 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