Thursday, June 21, 2012

What to Expect When Going Through a Loan Modification

A home loan modification is one of the most popular options for struggling homeowners when refinancing isn’t an option.  Understandably, homeowners are skeptical when considering a modification due to the falsehoods created by misinformed homeowners.  While the process itself is complex; homeowners have been successful. 

Life happens.  Sometimes life throws you hardballs and you are faced with hardships such as illnesses, deaths, job loss, divorces and other unexpected challenges that make the modification process that much more difficult.  However, it is all the matter of being upfront about your situation, submitting the proper documentation and being persistent throughout the entire process.

The process begins with filling out and completing the application. This is the most crucial part of the process that needs to be taken seriously and properly handled. Many homeowners try to tackle this task on their own and find their case delayed while facing more challenges. Homeowners don’t realize that they do not have to go into this alone.  Hiring a foreclosure defense attorney can often times be the difference between saving and losing a home to foreclosure. 

In addition to the application, homeowners will be required to submit a handful of documents including recent paystubs, household budget and the hardship letter.  Often times without the help of an attorney, lending companies take their time filing the application and even worse carelessly lose paperwork and documents. 

Hiring an attorney not only relieves stress but also warrants accuracy far after the application has been submitted, safeguarding homeowners against any hassle. If you are unsure about something, ask.  Maintaining a strong level of communication with your lender and attorney is as crucial as deciding to ask for help. 

Deciding to ask for help can open more doors for homeowners in terms of their options when traveling down this dark road.  Applying for a home loan modification is a hassle but it doesn’t have to be painful.

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