The loan modification process involves preparing and submitting your financial statement that details all of your monthly income, monthly expenses and bank balances. There is a right and wrong way to complete this very important form, so make certain that you provide your lender with the correct information so that you have the best chance of approval. Here are some helpful tips to know before you fill out your loan mod forms.
The loan modification process involves the completion of an application package supplied to you by your lender. Based on the information you include on these forms, the bank will make a determination if your situation is qualified for a loan workout or not. If you prepare the financial statement the right way, then you will prove in black and white that you do meet the standard approval guidelines and deserve a loan mod. If you fill it out wrong, then chances are slim that you will be offered any time of assistance.
The right way to move through the loan modification process is to learn the basics about what is required in order to meet those standard approval guidelines. If you just take a shot at it working then your chances could be pretty slim. You can use some helpful resources designed specifically to help borrowers figure out just what is needed to qualify for a loan mod – this upfront preparation will really make the difference when dealing with your lender. If you don’t know what you are even trying to qualify for it is pretty difficult to get it right. To make it easier, you can use a loan modification software program that mimics the standard approval guidelines to prepare your financial statement the right way. You will be able to know ahead of time just how much monthly income, monthly expenses and bank balances you need to prove in order to fit right in.
Unfortunately, many homeowner attempt the loan modification the wrong way. Without even knowing what is required to qualify, they will just slap something together and send it into their lender for review. This is really taking a big chance, and when your home is on the line it simply makes sense to do everything you can to increase your chances of getting help. You need to know the right amount of monthly income needed to qualify and how the approval formula works. If you were cooking a new dish you would certainly use a recipe and follow the directions, right? Well, why not use a step by step guide that provides you with the recipe for loan modification approval?