You are sitting home relaxing on your back patio when a knock on the door brings you face to face with someone serving you foreclosure papers. Your first reaction, after the initial shock, is to wonder how do I fix this and can I qualify for some relief.
The process to qualify for a loan modification varies a little from bank to bank. One bank requires certain income ratios; another needs to know the exact reasons for your failure to make timely mortgage payments and a third may want to see more financial document than you could possibly have on hand.
Wading through all the required paperwork to finalize a successful loan modification can be trying for your average homeowner but you certainly need to do something or you will lose your home and possibly any equity that you have built up in it.
You could call your bank and ask them the criteria for a loan modification or you could just wing it and send in all the required letters of explanation, the financial documentation and any other ancillary paperwork they would require to move the process along. Hopefully, you will send them the proper information in the required format and your explanations will satisfy them so they work out a reasonable repayment plan on your past due payments.
The other option is to take advantage of a free consultation offered by one of the many loan modification companies. They typically can pre-qualify you over the phone after a fifteen or 20 minute conversation and give you some peace of mind.
To learn more about the foreclosure process and how to Rescue Your Home or if you are interested in full or part time work to catch up on your mortgage go to my website which offers information on employment, employment tips and online job applications for many major companies.
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Saturday, October 10, 2009
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