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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