Loan Modification: Tips For You


Presentation Description Proper records improves the chances of you getting your loan modification approved. It is this effortless and easy.


Presentation Transcript

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Free Powerpoint Templates Loan Modification: Tips For You

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Proper records improves the chances of you getting your loan modification approved. It is this effortless and easy. If you're looking at a loan modification to maintain your home from going into foreclosure, now's an excellent time to start off the process. It may look like a challenging challenge at first, you may also feel overwhelmed and have no idea where to begin. But the most valuable loan modification ideas center around offering the proper documentation. In order to raise your chances of getting approved, it is completely vital that you deliver all of the records the lender asks for.

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Be Certain Your Application Is Complete This could seem to be obvious to most, but it is normal that someone will are not able to fill in their loan modification application correctly. This can grind your application process to a screeching halt. Occasionally your application can be dismissed.

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What Documentation Do You Need? Hardship Letter Documents to support your monetary hardship claim. Federal income tax returns and W-2's for the last 2 years (This is obtained electronically once you give approval by filling out the necessary form) Pay stubs This is on no account a complete list. It is provided to provide you with as a general concept of the kind of documents you'll be needed to have. You should check with your lender for a more complete list.

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Prior To Deciding To Apply Make Sure You Realize Your Debt Ratio A homeowner have to be able to convince a bank that their housing cost percentage is too high and without a modification to their existing loan, they're not going to be capable of pay their mortgage unless payments are reduced. This means you ought to estimate your debt ratio vs your current income. Don't worry it's not as complicated as it may seem. To meet the requirements, your "housing debt" has to be at least 31% or more of your income.

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To estimate that amount just add: Your Current House Payment Taxes Insurance HOA fees (if applicable) divided by your Monthly Gross Income Utilize these loan modification points to get ready before you actually start the process. The additional information you have upfront, the better and more rapidly you can get approved.

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This info has been presented by . So check out them now if you require mortgage modification reviews or call 888-766-3693 for assistance .

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