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Are You Behind on Mortgage Payments? A Hardship Loan Modification Can Save Your Home
In early 2009, Congress passed legislation that allows homeowners to rip up their existing mortgage and draw up a new one with their lenders with much more favorable terms. Are you looking for a lower interest rate or wanting to switch from a high adjustable rate to a low fixed rate? A hardship loan modification is what you need to apply for today. A hardship loan modification allows homeowners who have fallen behind in their payments due to circumstances such as job loss, divorce, or disability to work with their lender to draw up new terms. The process has very specific steps you need to follow, and must be completed correctly, which is why many homeowners connect with a loan modification specialist to handle the process and make sure all steps are followed exactly. The loan modification specialist will work with you to begin the process, which involves sending a loan modification hardship letter to the lender explaining your situation. The letter must contain specific information and has to be filed according to certain guidelines Congress set. Once the lender has received the loan modification hardship letter you will need to assemble certain required documents like pay stubs, bank statements, and any court papers related to any divorce proceedings. The loan modification specialist will work with you to gather all required documents and submit them in the order and format required. Submitting documents in a timely manner and in the format required is crucial, as missed deadlines can affect your ability to receive a successful modification, and if your home is close to foreclosure time is very important. Your specialist will provide you with a schedule for all paperwork which must be followed in order to ensure the lender does not deny the application for paperwork reasons. After the application and all required documents have been submitted the specialist will then work on your behalf to negotiate new mortgage terms. This is where you really get the benefit of a professional as a specialist will know what terms to ask for such as a lower interest rate or even a reduced principal balance. Imagine having to spend hours on the phone with your lender trying to get new terms resolved if you have never done this before. Having a professional on your side will really increase your chances of securing much lower monthly payments. The time to act is today if your home is near foreclosure or you are just one or two months behind. The hardship loan modification process does take some time, and you do not want to wait until foreclosure proceedings have begun to start. The worst outcome is to have your home go in to foreclosure when you could have qualified for a modification! Not only would you lose your home but your credit will be affected for years and make you unlikely to qualify for a conventional mortgage again for many years. Start the process now. Click Here to connect with a loan modification specialist. Article Source:
http://EzineArticles.com/?expert=Peter_David_Johnson Stop
Foreclosures
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