× Home

Top Authors Top Articles Why Submit Articles? FAQ

Login Register Forgot password?

How To Pre-Qualify For A Loan Modification

By:   |   Jul 08, 2018   |   Views: 10   |   Comments: 0

The first thing that you need to do is demonstrate to the lender that you are undergoing financial difficulties. If you have lost your job, have got divorced recently, or have had a death in the family, the lender might be more inclined to accept your application for loan modification. There is no reason to wonder whether you pre-qualify for a loan modification or not, when you can prove to your lender that the situation is serious.

As a borrower, you can also try to demonstrate to your lender that you are unable to meet the current mortgage payments. If you manage to prove that, there might be room for loan modification and you could benefit from lower monthly payments. The important thing is not to default on the new payments and to set up a budget that fits that new sum each month. Last but not least, make sure you complete the loan modification application and that you show the lender that you are determined. Don't turn in an incomplete application, or you run a high risk of being rejected.

Pre-qualifying for a loan modification requires a lot of preparation and commitment but it will get you where you need to go. You will have to find out how to calculate the debt ratio and you will probably need specialized assistance in writing the hardship letter addressed to the lender. Also, it is essential that you complete the financial statements without any mistakes, or your application might be rejected on the spot. The hardship letter is really important, as it describes exactly the situation you are going through, and needs to be as convincing as possible.

When accepting applicants for loan modification, the lenders take into consideration not only the eligibility criteria, but also the documents and the information provided by the borrower. The more prepared you are, the more chances you have to succeed. Whether you want a lower monthly payment, or you are interested in reducing the interest rate, you should do everything it takes for your application to be accepted. Resort to experienced financial advisors and ask them how to pre-qualify for a loan modification. They will provide all the details you need to know and they will help you until the application is accepted. Don't wait until you are knee-deep in debt, don't ignore the lender and most importantly, take action.

Was this helpful?
Thank you!
 
 
 
 

More from Gloria Clark

The Best Piece of Wrinkle Reduction Advice You'll Ever Hear

I don't know a thing about you, but I'll bet you get a lot of your wrinkle reduc...

By: Gloria Clarkl Uncategorizedl Jul 08, 2018 lViews: 52 lComments: 0

The Best Anti Wrinkle Skin Care Products Revealed

If you're after healthy skin and looking to lose any wrinkles or lines, then you...

By: Gloria Clarkl Uncategorizedl Jul 08, 2018 lViews: 53 lComments: 0

Secrets Of Successful Wrinkle Treatment Revealed

Let's face it, we all want to look younger and regain some of our youthful looks...

By: Gloria Clarkl Uncategorizedl Jul 08, 2018 lViews: 45 lComments: 0
Add new Comment

* Required fields