Loan Modification and the Hardship Letter
There are several documents you will need when contacting your lender in order to prevent a foreclosure on your property or trying to obtain a loan modification. The most important document is the hardship letter, see the HARDSHIP LETTER example here. You will also want copies of financial statements, current bank statements, pay stubs, and your most recent tax return.
More documents needed are as follows:
- Financial statements
- Current bank statements
- Pay stubs and your most recent tax return
- Name: (Your Name) Lender Name: (Your Lender)
- Address: (Your Address) Loan #: (Your Loan #)
Why Are Lenders Motivated To Accept Your Loan Modification?
This is no secret. . banks are in the business of lending money. They are not in the business of maintaining properties or selling houses. What is surprising to many homeowners that are currently experiencing mortgage difficulties. . is that lenders do not in fact want your property.. . . lenders want you to stay in your home and continue to make payments.
What is a Loan Modification?
A loan modification is one of the best options available for homeowners and lenders alike. Loan modification is a long-term solution that will help the borrower make their loan payments and stay in their home. A loan modification can be accomplished by decreasing the interest rate, or if an adjustable rate, changing it to a fixed rate. Your loan can also be extended in the period of time the borrower has to pay the loan back, and in some cases your loan can be switch to a different type of loan all together.
If you are a Germantown Maryland Homeowners and need INSTANT LOAN MODIFICATION HELP. . please click below
Help for Homeowners for Loan Modifications in Germantown Maryland