1. Keep in touch with your lender. Constant communication is vital. They need to know you are really trying to work with them. It is easier to justify leniency for someone they are familiar with, than a complete stranger they have never spoken to before. Not calling at all is the worst thing you could do. They will assume that you are just refusing to pay, trying to get a few months free ride before you are foreclosed on. It is always better to cultivate a friendly relationship with your creditors, preferably before you get into trouble, but it is rarely “too late” to try at all.
2. If you need more time, just ASK FOR IT. Some lenders will defer your payment to the end of the loan once a year for financial hardship. Ask for up to 3 months to get back on your feet. This could give you time to gather your next payments. Of course, then you will have to actually try to get back on your feet, but recently this has been a very difficult task for many people. You are not alone in this.
3. You do need a financial hardship to get loan modification. You may need to supply a hardship letter and proof of income sufficient to make the new payment you are asking for. They don't want to go through the pain of loan mod paperwork only to have you default again. This will reassure them.
4. On your loan modification expense sheets be sure to disclose everything. The bank will verify this information from a credit report and your bank statements. Be sure you calculated your income correctly, and show them how you came to that number. Remove luxury and frivolous items from your family budget for a better review of your bank statements. This will increase their trust in you and increase your chance of successfully completing the process.
5. Be wary of trial loan modifications. Most are not being made permanent. The lenders were forced by the banks to do these trials while the regular paperwork is underway. The trials were supposed to then be made permanent. Instead, most lenders are simply ignoring that part and moving directly to asking you to short sale your home. While you may need to partake in order to keep your home just a few more months, try to avoid this path unless you are willing to understand that it probably won't be permanent.
For more free information about Loan Modifications, Refinancing and Credit Repair, go here now.
We are dedicated to helping CREDIT CONSUMERS discover the financial solutions they deserve. To ensure a brighter and better future!
We can help, we are the final piece to the puzzle to your financial freedom. We are an association that offers benefits and services designed to assist homeowners / consumers that are working their way through a financial difficulty. Because financial hardships come in many forms, we offer services for debt settlement, loan modifications and credit repair.
TO FIND OUT MORE ABOUT... LOAN MODIFICATIONS, REFINANCING, BENEFITS OF DEBT SETTLEMENT, BROKER YOUR HOME, FINANCIAL HELP & MORE!
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