We have heard so much about the esteemed home rescue program or a home loan modification, but understanding the key ingredients will help ensure that you get a successful mortgage loan modification.
The beautiful thing is this, you can get it done on your own without an expensive attorney that you probably cannot afford anyhow. Obviously, if you had several thousand dollars at your disposal, you would be able to make that mortgage payment and would not have the need to ask the bank for a mortgage modification.
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Here are some of the key ingredients:
First, they want to know that you have had a legitimate hardship. They won't do a mortgage loan modification simply because you want a lower payment. Everyone wants that. They want to know that there is a serious reason why you cannot stick to the terms that you originally agreed to pay. The banks are in business to make money and not to be your friend. Their bottom line is making money and this includes maintaining the terms of your loan if you have the means to pay it.
So regarding your mortgage modification or desire to take part in a home rescue program, have you endured a real hardship that made your payment unmanageable? If so, that is the first key ingredient.
Second, they want to know that you have the means to pay if they amend the terms of your loan. So, if you lost your job and your unemployment ran out and you don't have any new income to replace that pay, then the bank won't work with you.
Those are two of the biggest ingredients to a successful mortgage loan modification, but they are not everything. Other things to consider include the type of loan you have. If your loan is backed by Freddie Mac, Fannie Mae, or FHA or if it is a monthly adjustable loan, then you may have a greater chance of getting a successful mortgage modification.
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