Getting a loan modification can be a tricky process, because they are designed to be a serious measure, aimed at keeping people in real need of help from defaulting on their mortgages. They require communication with your bank and the ability to prove your circumstances. If you are in doubt at any stage you should get expert help. Even so, there are several clear stages that will be involved in any application to alter your mortgage.
First, you need to contact your provider. It can be awkward sometimes to know exactly who this is, given the rate at which loans are bought and sold between lenders these days. The place to start is with the people you actually pay each month. If they aren't the providers in a technical sense, they should at least be able to point you in the right direction.
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Secondly, if you want a loan modification, you'll need to be able to prove that you are resident in the house that the mortgage is on. These measures are not designed to help bail out any property speculation you might be involved in, but to keep you in your home.
Thirdly, you'll need to be able to demonstrate financial hardship. That means digging out those financial records you stuffed into the bottom of a drawer, bringing along evidence of your income, and drawing up a budget to show what it costs you to live each month.
Finally, you need to show the bank that a loan modification is really the best option for not only improving your circumstances, but also allowing them to get back some of the money they lent. Despite what you might think, no bank wants to foreclose. They do, however, want to be reasonably sure of seeing a return on the mortgage in the long term.
How Do You Get a Loan Modification?
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