Wednesday, January 28, 2009

Difficulties in Getting a Loan Modification

Obtaining a loan modification is not as easy as it may seem. With thousands of applicants queuing in banks and loan companies for their loans to be modified, lenders are becoming adamant in granting this program to just about anyone. Newbies in the process can already expect to face a number of difficulties before their applications get approved. To lessen the shock, here are the dilemmas that starters in modifying loans might face.

1. Accepting the problem of foreclosure

Recognizing that you are a step closer to losing your prized home because of delinquency is probably one of the first stubble that you are going to face. This is what they call the borrower’s denial period. Once this has been overridden, borrowers can already face the problem head on.

2. Contacting the lender

It is still quite unfathomable how delinquent lenders develop the courage to run for cover, but can not find the heart to speak with lenders about their loan situation. Informing lenders about your difficulty is primary to the cause of stop foreclosure.

3. Writing a hardship letter

A hardship letter is much like a proposal given to your lender. Contained in this is an explanation of your hardship. Unemployment, death of the family’s breadwinner, disability, serious illness and such are accepted by lenders as valid hardships.

4. Convincing lenders to grant you the loan modification

Lenders know all the tricks up the sleeves of borrowers desperate to stop foreclosure. They can see pass the dramatic appeal that mortgagees are trying to exude. It is better to provide a valid hardship and turn in all the necessary documents to have your loans modified.

5. Processing the loan modification to be approve

This is particularly difficult because of the time that it entails to have the request approved. It usually takes around two weeks to process your papers for the loan modification.


Loan Modification Guide

This blog is dedicated for Loan Advocacy Group that help the economic crash from hard time of high credit interest. Aimed to Stop Foreclosure

- Why it is the most important decision of your life.

- Foreclosure is AVOIDABLE. Modify your loan now and keep the roof over your head.

- Foreclosure is a CHOICE, not an inevitability. Modify your loan now and avoid foreclosure.

- You DON’T have to settle for foreclosure. Avoid it with a loan modification now.

Loan Modification Guide

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