The U.S. has been experiencing one of the most devastating mortgage crises that the world has seen. More and more homeowners are now threatened by foreclosure in the country. Fortunately, the government has established programs to help Americans survive the crunch of the housing crisis. One government program considered a viable solution to save home retention in the country is loan modification.
However, not everyone in the U.S. is aware of this supposed solution to stop foreclosure. This is especially true for those belonging to the Hispanic and Black minorities in the country. To solve this problem, the government has been very active and vigilant in raising awareness about the process and benefits of modifying loans. Part of which is encouraging major lenders and servicers to introduce this as an option to save a borrower’s mortgage. As an offshoot to this, most servicers are already offering more consideration and catering to the needs of non-English speaking clients.
If you are one of thousands who belong to the Hispanic or Black minorities in the U.S. having problems keeping up with your mortgage, here is a list of useful and helpful loan modification tips for you.
1. You basically have two options in modifying your loan. One is to go to your lender and process all the paperwork yourself or hire an attorney to assist you in settling a deal with your lender. But before you make a decision, be aware of the advantages and disadvantages of each option. If you opt to do it yourself, you will be able to save considerably since you do not need to shoulder legal expenses required when hiring a lawyer. The caveat of choosing this approach is that you might have to wait longer for the approval of your request. There is also the danger of approaching the wrong people or wasting time processing unnecessary documents. On the other hand, hiring the services of a professional lawyer would entail for you to shell out more cash. In return, a mortgage lawyer would give you professional advice in saving your home. The assistance of a lawyer would also make the process easier and faster.
Choose an option that suits you best and move from there.
2. Prepare the needed documents to get the process rolling. These would include financial statements, proof of income such as bank statements, paycheck, etc. These are important because they will be the bases of lenders whether to approve or reject your case. They will serve as proof of your financial capability of keeping up with modified monthly payments.
3. Prepare a valid and compelling hardship letter. This letter contains an explanation of the situations that led to your hardship. Valid hardships include bankruptcy, lost of income, and such. If you are not sure about how to write your hardship letter, a lawyer and or a third party agency that contacts lenders to restructure mortgages can help you draft one
4. If your banks are still adamant against your request, do not lose hope. When you are in such a dilemma, it is when it is best to call for a lawyer or a servicer for help. They will work to get banks and lenders listen to you and consider your request.
These are just some of the basic loan modification tips to help you start the process of saving your home. Remember, the sooner you ask for help, the sooner you would be able to salvage and preserve homeownership. Do not take on the problem alone. The government, together with major banks and lenders, has rallied to get you out of that mortgage pit.
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