How to Qualify for a Home Loan Modification

March 29, 2010 - PRLog -- Loan modification companies that have a certified loan modification attorney can save a family a lot of heartache, by keeping the family in their home where they belong. In order to keep your family safely in their home, it’s important that you understand how to make yourself qualify for mortgage loan modification.

Although each bank or mortgage lender has their own policies regarding home loan modification, in general, there are three criteria that should be present in order to make a mortgage loan modification possible.

a.   Hardship. The homeowner should be experiencing some hardship that puts their ability to make their current mortgage payment into question, or, an upcoming increase to the their ARM interest rate that will make their mortgage unaffordable. There should be some change in the homeowner’s financial situation that has caused or will cause the homeowner to no longer be able to afford the mortgage as it is.
b.   Limited Equity. There must be a limited amount of equity in the home. This is so that the lender is not in a position to foreclose and force the sale of the home to pay off the mortgage. Mortgage companies and banks would much have a loan modification than to have a short sale.
Income. You will have to demonstrate to the lender, with documents (like pay stubs and tax returns) that you will have enough income coming in to make regular payments on your proposed federal loan modification. The lender will only modify your loan once they are certain you will be able to live up to the mortgage loan modification terms.

Mortgage loan modification allows homeowners the chance to reset the clock and to get back on their feet with a mortgage payment they can afford. The loan modification and the associated negotiations are extremely complicated, so it is recommended that you seek the advice of one of the many professional loan modification companies that has opened its doors around the nation. Make certain that the loan modification companies that you speak to have a certified countrywide loan modification on staff. A loan modification attorney will have the needed experience to negotiate the best modification for you.

APPLY HERE TO QUALIFY FOR A LOAN MODIFICATION:
[http://www.loansstore.com/loan-modification-application.php]

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