The Modification Approval – It’s All In The Packaging
Whether you are trying to get approved for an Obama Making Home Affordable Modification, or attempting to negotiate an alternative foreclosure prevention plan with your lender /servicer, proper presentation and processing of your hardship package is essential to your success.
In some cases, it just boils down to simple math that involves income / employment, property values and modified loan terms.
Basically, a bank needs to analyze your unique scenario to determine whether or not a loan modification will serve the best financial interests of all parties involved.
As you could probably imagine, loss mitigation departments at most of the major lenders and loan servicing companies have been overwhelmed with a flood of case files over the recent months since the announcement of the new Making Home Affordable Program.
Even though the Obama Home Modification Plan was launched to create a standard set of guidelines, banks have just recently started to adopt these new rules of engagement to help distressed homeowners lower their monthly mortgage payments and avoid foreclosure.
To expedite the application and approval process, it is important to submit a complete loan modification hardship package the first time with all of the correct documents.
Things to pay close attention to when submitting your loan modification paperwork:
1. Income /Employment and Asset verification
2. Hardship Letter that describes how the bank will benefit by modifying your loan
3. Financial analysis that breaks down your monthly budget in exact detail
4. Property value reports that may help with the bank’s Net Present Value determination of approval
5. Letters of explanation for other liabilities that appear on a credit report
The Making Home Affordable Loan Modification Plan is not the only program available to homeowners who may be under water or need help finding a more affordable monthly mortgage payment.
We have a complete packaging program available for homeowners who wish to negotiate their loan modification on their own, but would like our professional help preparing their file. You may qualify even if your bank has denied your request. Find out today!
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Call us today if you have questions about packaging and
submitting a Loan Modification request.
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