Wondering if you might qualify for a loan modification program with your lender to lower your monthly mortgage payment?  Statistics show that 60% of homeowners who apply will qualify for a loan modification program-but what about the other 40%?  Why are some borrowers approved but others are declined?  Learn how to pre-qualify yourself so you have a better chance of success with your lender.

While each bank has their own criteria for approval, there are certain requirements that all banks are looking for.  Here is what a qualified loan modification candidate must do:

1. 1.  Provide evidence of a financial hardship making the current mortgage payment unaffordable-this means you write a convincing and compelling letter describing your circumstances so your lender will get a good idea of your situation.  However, you must also show them that you have taken steps to remedy the situation and have made a commitment to sustained home ownership.  You can get help to write your own acceptable letter when you follow the Hardship Letter Outline and template provided in The Complete Loan Modification Guide.
2. Prove to your lender in black and white that while you cannot afford the current mortgage payment, you will be able to pay the new lower modified mortgage payment if approved for a loan modification program.  You will need to complete financial statements detailing your income and assets and demonstrate your revised budget to convince the bank that you will not be at risk for re-default.  The Complete Loan Modification Guide makes this easy to do by providing you with a Current and a Proposed Financial statement along with detailed instructions on how to complete them properly.
3. Submit a complete, accurate and acceptable loan modification application that includes everything the lender will need to see in order to consider approving your proposal.  Incomplete, missing or inaccurate packages will be set aside and the response will be delayed or can result in a denial.  How can you make sure that you have submitted everything necessary and that you have completed it all properly?  Simple, follow the handy Document Checklist and stacking order you get when you order and download The Complete Loan Modification Guide.

There are millions of deserving homeowners who need help with one of the many loan modification programs available, but unfortunately not everyone will be approved.  Make sure you take the time to learn and prepare before you contact your lender to apply for loan modification help.  Remember, the paperwork and information you provide will in large part determine your eligibility-make sure you give yourself the best chance for success.  When you family’s home is on the line-your time and effort are worth it!

You can get the help you need get pre-qualified and to understand the loan modification process 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