Probably one of the happiest days of your life was when you and your family moved into your new home. Recessionary times fell and suddenly the payments have become a lot more than you can handle. Things look bad. The best idea right now is to get yourself a home loan modification. It will allow you to renegotiate at least some of the terms of your mortgage to bring the payments into line with what you can realistically afford.
Document Preparedness Is Your First Step
Not having the required documents when you petition your lender for loan modifications will slow the process in a way that is not advantageous. Chances are you are not going to have all the documents you need because of the individual nature or your particular loan, but it helps to have most of what you need to get the process rolling. Following is a preliminary checklist of what you should have when you first approach your lender for mortgage modification:
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Federal and state income tax records for the last two years, A list outlining typical monthly household expenses, Proof of homeowners insurance, Copies of bank statements for the past six months - print them out if you are an online customer, Payroll stubs or bank statements reflecting the last six months of employment, If you are unemployed, all your most recent unemployment statements, Any other documents you or your lender deem pertinent to the loan modification process.
Once you have these documents, or most of them, it is time to set an appointment with your lender and start talking about loan modification.
Ready, Set, Go?
Do you make your living having negotiations with financiers? Probably not. Now that you have an appointment, realize the gravity of the conversations you will be having with a loan officer who deals with lending as part of his daily life. Do not be afraid, pull your confidence together. You have every right to have these conversations. Realize that the lender is very interested in keeping you in your home, but not because of a kind heart. Each and every agent is looking after the best interests of the firm.
Wonderful Offers?
You may be so very gratified when a loan officer offers you a drop in your rate from say, eight percent to six percent. After all, that will save you lots of money and lower your monthly. It may just make things nearly affordable. Stop. You need to press for more. Nearly and good enough do not make the grade. Remember, a lender is going after the best deal for the firm. They are not going to modify out of kindness. (You probably got into your current financial mess because you thought the lender was a kindhearted soul who only wanted you to be a happy homeowner.)
Arm Yourself
Something you could do to boost your chances for significant modifications would be to gather documentation of the values of homes sold or for sale in you neighborhood. If the values are much lower than the amount of your current loan, prove it. If there are a number of vacant homes in your neighborhood, prove it. If there are foreclosed properties in your neighborhood, prove it. These tactics can be very helpful when talking to a loan officer who does not really want to take the keys to your home. You will be presenting some sound backup to your plea for mortgage modification. Your lender does not really want to take over property the firm neither wants nor needs. You could be in the catbird seat when it comes to mortgage modification.
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