So -- you concept your bank was going to help you to get a loan modification and now you find out they turned you down. Are you legitimately surprised?!?! I tell citizen every particular day, that your bank is Not Your Friend in this process. It is legitimately not in their best interest to change the terms of your mortgage so that they make Less money on it. Is it? Now -- what do you do??
Regardless of the presume you bank turned you down, (did they give you a reason?) you still have options available to you. Most of the mortgage clubs are completely swamped with applications for a mortgage loan modification. And the citizen they have hired to deal with this overload, well lets just say they are overwhelmed also.
Home Loan Help
Imagine sitting at a desk all day long with hundreds and hundreds of files you have to go thru. Add to this, your phone never stops ringing with citizen asking you how their loan modification is going. Now add to that you are not paid very well and you start to get the picture. I have no idea how most of these citizen do their job. Even in today's job store there is a important turn over in personnel. And you wonder why you can never speak to the same someone twice!!
Here is the private to getting your loan modification approved. It is how it is Presented! Your loan modification application has to be fitted exactly to the guidelines of each lender. And each lender has separate guidelines. Yup, each one is different! So your task is to be the loan modification container the overworked, underpaid, non-appreciated employee picks up and does not have problems with. You need to be the quadrilateral peg that fits with your lenders quadrilateral hole.
So the examine becomes, how do you get your loan modification approved? It legitimately does seem like the deck is stacked against you. If you are trusting your lender to use your financial information to your best interest you are seriously kidding yourself. Not going to happen. You need to submit a complete container to your lender. One that makes whoever is going straight through it smile and make their day easier. Get the picture? And that is essentially what you are doing. Painting them a photograph of why you need your home mortgage modified to something you can afford. One that is in line with your current financial situation, not what it was when you purchased your home.
You have two directions you can go to make sure you are approved.
1. Hire an attorney who is well versed in loss mitigation law and has been doing this type of work for more than a incorporate of years. Not some attorney who just started doing it trying to make a buck. They will make sure it is done correctly and submitted so you accomplish a loan modification. Median price -- 00.00
Now that may be out of your reach. If it is, then you have to go this route.
2. Get a agenda that will help you do all the important paperwork perfectly. One that knows what all the separate guidelines are for manufacture Home Affordable (Mha) or the Home Affordable Mortgage agenda (Hamp) Once you have done this work, then and only then should you submit this paperwork to your mortgage lender for modification.
If you just give all your information to your lender, faxing it in and trusting them to do the right thing, be ready for a lot of heartache and sleepless nights.
Help! My Bank Turned Down My Loan Modification! Now What Do I Do? Home Loan Help
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