Modification For Mortgage
A modification for mortgage can be a lifesaver for homeowners on the verge of having their homes put into foreclosure. But to someone in desperate straights, the process can be daunting, and seemingly unobtainable. Lenders can come across as unreasonable, and demanding, which only increases the already sky-high levels of stress causing many people simply give up without even trying. This is a terrible mistake. The truth is, obtaining a modification for mortgage is not as difficult as it appears, nor are lenders as terrible as they seem. Ultimately, they want their money, and refusing to work with their customers is not necessarily in their best interest. The keys to a modification for mortgage are knowing the requirements, making sure you meet the requirements, and presenting the information to your lender.
Obtaining a modification for mortgage is essentially dependent on two factors. The first requirement is income. Although each lender has different requirements the basic criteria is that the prospective borrower doesn’t earn too much or too little. Obviously it’s not in the best interest of a lender to grant a modification for mortgage if the borrower can already afford the current terms of their mortgage, nor does it make sense for a modification for mortgage if the borrower still won’t be able to make the payments.
So, make sure you can present a case that financially a modification for mortgage is financially in the best interest of both parties.
The second requirement is that you can prove a modification for mortgage is the only option you have due to your current situation. In other words, you must have a “documentable hardship” that makes it impossible for you to meet the current terms of your mortgage. Some examples of a “documentable hardship” are: inability to rent or sell property, severe illness, death in the family, divorce, loss of employment, reduction of income, or relocation.
Meeting these requirements in the modification for mortgage process is absolutely essential to having your application approved, and it behooves you to take the time to fill out all paperwork thoroughly, and carefully, as the only truly daunting aspect of the modification for mortgage process is that you get one chance.