Are you unable to pay your mortgage payments or get late in making the loan payments? Do not worry; you can get your loan modified. The best part is that you can yourself process your loan modification

Steps to loan modification processing
The first thing that you need to keep in mind is that never ignore the lender's phone calls or letters. This will only push you into deeper trouble.

• Have the mandatory documents ready with you for reference. You need to keep with you the property tax statement, mortgage statement, homeowner's insurance statement, car loan as well as insurance statement, other loan and insurance statements, and also credit card statements. Other documents that you must be able to show include medical and life insurance statement, cell phone statement, bank statements, hardship documents and pay stubs.
• The next step will be to create a hardship letter and financial statement. Remember, that the financial statement is the most important document that the lender will be asking for. The financial statement must be filled out correctly and completely.
• You need to call the servicer's loss mitigation department. Your servicer is not the one who got you the loan, but the one who collects and processes your payments. You need to ask for a loan modification. Remember, having no income will not help loan modification processing.
• When you correspond with your lender, it's safe to record all your communication with the bank, servicer's loss mitigation department and other representatives. Record all the correspondence as there may be errors on the lender's part.
• A loan modification requires 1 month or 2 months to get approved. By the time you get the loan modification approval, you will be able to save money for a modified loan.

Be calm and at the same time persistent when you are dealing with the lenders. The process is not very easy. You need to be consistent even when there is bad customer service and mistakes on the bank's part.

Posted by: Neuton    Source

---