3 Ways to Help You Qualify For a Modification to Your Home Loan

If you are having difficulty making the regular payments on your mortgage, you are definitely not alone. The housing and employment crisis in this country is the worst in decades — probably the worst financial crisis since The Great Depression, so do not feel as if you are the only one in this situation. Since this is not the depression era, we are all lucky; there are options available to help you out. The most practical and helpful solution is the government-induced loan modification program. And here are three ways to help you qualify for a modification to your home loan.
First, keep track of every transaction you have with your lender. I recommend getting a 99-cent spiral notebook to keep as a logbook. Whether you are sending in a payment, making a phone call for information, or sending in paperwork that was requested of you, write down all the pertinent information in your book. Include date, time, amount, check number, person you talked to, and all basic information.

Second, gather all your finance-related information before you even call about the loan modification program. That means, get your loan agreement and account number. Get your income and expenses figured out. Gather bank statements and paycheck stubs and utility bills. To qualify for a loan modification to your home, you must be able to show that you need help and that you have been attempting to pay.
Third, ask for clarification of anything you don’t understand. Lenders are inundated with loan modification requests, and some people may be more willing to help you qualify for a modification to your home loan than others. If the person you are speaking with rushes you or uses terminology you don’t understand, ask for clarification and ask questions until you do understand.
Final Tip: Using a loan modification expert may greatly increase your chances of approval. These experts speak your lender’s language and will know the rules and regulations required for a loan mod. In addition, they handle all the calls for you, relieving you the of the stress and anxiety.

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