Time is running out and you need to get a lower mortgage payment to save your home. Need loan modification help but not sure how to begin? When you apply for a loan workout you will be asked to complete some application forms. It is important to prepare your application forms correctly so that you have the best chance of getting approved. Here are 3 tips that you need to know before you contact your lender.
Loan modification application tip #1 is to determine your new target payment first. You need to know what an affordable and sustainable new payment is so that you can use that as your goal when speaking with your bank. How do you arrive at the ideal target payment for you? First, you must work out a family budget that eliminates all unnecessary expenses and makes your house payment a priority. This will not only help your family, but it will show your lender that you are committed to home ownership. There is a specific formula that lenders use under the Obama HAMP plan to determine your target payment. You can use this very same formula and then fine tune your budget to fit the guidelines for approval. If you need help to prepare your application you can use a resource guide that will take you step by step through the process.
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Tip #2 is to know your lenders guidelines for qualification for a loan modification. Every lender has set up approval criteria that qualified borrowers must meet. The federal HAMP guidelines are the same for everyone-use this formula to prepare your financial statement and you will be able to make any adjustments to your figures before your lender reviews it. All lenders want to be able to verify your income with a paycheck stub, tax returns or bank statements. You must also be able to demonstrate that you have experienced a financial hardship. In addition, your new target payment must fit within the debt ratio guidelines for approval-this is usually 31-38% of your gross monthly income. Do you know how to calculate your own debt ratio? This is an important step, and you can get help with this by using a handbook and easy to use software program written for homeowners.
Loan modification application tip #3 is to provide a complete and accurate package for your lender the first time. Just imagine how many homeowners are applying for a loan workout. Your file will be reviewed much more quickly if your paperwork is submitted as a complete and accurate application. Make sure your forms are prepared correctly and you have provided all of the required documentation for review. This is not hard if you follow a submission checklist.
You need loan modification help to stay in your home, and now is the best time to get started. The Federal plans are now being implemented and can offer you the second chance you need. Keep in mind that not everyone will qualify, but you can definitely increase your chances of getting the help you need with just a little bit of preparation. Are you ready to get serious about saving your home? President Obama has stated that homeowners should work directly with their lenders to get a loan modification, so don't be intimated or feel overwhelmed-you can do this yourself and be successful. You can save hours of frustration and confusion and be certain that your budget fits into the approval guidelines with the help of a software program designed just for homeowners. Now is not the time to take chances, give yourself the best chance of success-be prepared.
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