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Mortgage Modification Tips: Knowing What to Expect in Getting Through the Process.

Posted By admin || 31-May-2012

Mortgage Modification Tips: Knowing What to Expect in Getting Through the Process

Mortgage modification may be an option for homeowners unable to refinance their home or seeking foreclosure prevention .  Many homeowners are often skeptical at getting a modification due to hearing myths, being misinformed or claiming it is just impossible.  While the process does include multiple steps; homeowners have been successful in getting their terms adjusted.  It's a matter of being honest about your situation, submitting documentation needed and being persistent throughout and after the process.

If you are facing a hardship such as an illness, death in the family, job loss or divorce, such situations can make the loan modification process more challenging.  At the same time, you may actually qualify to get needed changes to your mortgage.  The process begins with completing the application package.  You'll be required to submit information including paystubs, household budget and a hardship letter.  Documents submitted should be recent and try to submit as much documentation as requested.

If you are unsure about something, ask.  Mortgage servicers request documentation but if your situation varies or if you are unsure what to submit, ask for clarification.  Having the proper documentation presented when your lender reviews it, helps reduce chances of your application being put off to the side or delayed processing.

Maintain communication to keep up to date on the status of your application.  Be persistent with your efforts.  If you are asked to submit additional information, then do so.  It helps to be flexible during the process.  There are different options available in the Home Affordable Modification Program that you may be better suited for if recommended by your lender.

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