With the consistent rise and fall of America’s economy, people can avoid foreclosures and keep their homes with the help of a mortgage loan modification program. It is like a mortgage refinance but instead of getting a new loan there will be a revision of your existing mortgage.
Refinancing a mortgage is a good option but not all homeowners have the financial capacity to take it. The mortgage loan modification program can be an option for them.
The mortgage loan modification program is recommended by financial experts especially for those who can not manage to refinance their mortgages. They can be a big help to those who missed three or more mortgage payments.
Here are the qualifications for you to avail a mortgage loan modification:
If you missed three or more mortgage payments and is more than 90 days delinquent If you haven’t filed bankruptcy The property must be your primary residence and that you’re occupying it If you are experiencing financial difficulties that can be documented
The financial institution will also check if you have purposely evaded payment just to get the loan to ensure that they are giving loans to those who really need it.
To get a loan modification, you will need to show your bank such things as the proof your financial circumstances have changed, that you have attempted to make every mortgage payment, you are honest, you will provide all documentation, you have not defaulted in any way to get a loan modification, and that you have worked in good faith with your lender at all times. In essence, you will have to show your bank that if it grants a loan modification, you will be able to make payments.
You will need to show your bank that you have negotiated with your lender, that you can provide all documents that you are honest and did not evade payments on purpose and proof that your financial situation has changed.
A letter must be shown documenting your financial crisis, proof that you can make payments, a monthly expense report, and proof of your current income. Many banks and institutions such as Citigroup, Chase, Countrywide Mortgages and the federal government participate in this program.
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