Ask For Third Party Loan Modification Assistance To See If You Are Eligible

Loan modification is a solution to those looking at bank foreclosure on their home due to late or missed mortgage payments. These plans allow a person to make lower payments for a longer period of time. There are various loan modification plans available for example, those from private institutes and those from the Federal government. Generally speaking, the plans provided by the government are of the most assistance because they are designed to help the home owner to eliminate portions of the debt quicker than any other way and be able to keep their home. In order to apply for this type of loan modification plan, there are qualifications that the applicant must meet. Unfortunately, some of these qualifications are now always widely known which is why almost a third of all applicants that have applied before the beginning of 2010 didn't even qualify. For anyone who isn't sure about the requirements that they need to fulfill, they can avoid this situation by seeking third party assist
ance such as an attorney. The requirements in some instances may be misunderstood but here is a list to start with.
The mortgage must be held with a participating lender or must be able to be transferred to one.
The mortgage payment must be more than 31% of the gross monthly income.
The applicant must be the current primary resident of the mortgaged home.
The principle balance of the mortgage cannot be more than the rules allow for a particular size of home.
The payments must be at least 30 days late.
The applicant must prove the inability to pay the monthly payments.
Other characteristics of the mortgage and the personal situation that may make the application become approved include:

In the case that it is an adjustable rate mortgage


There is no equity on the home


The applicant is self-employed and has seen a reduction of income


The applicant has lost their job or experienced wage loss

There are various papers that the applicant needs to prove these things such as tax forms, loan documents, pay stubs for the previous three months before application, property tax statement, bank account statement, and papers from other loans or credit cards. Because there are so many requirements that may have technical loopholes depending on the situation, anyone who is applying without an attorney may now know these and make the mistake of other applying and not being eligible, or applying without emphasizing the right information and being rejected because of that. Attorneys sort through all of the financial information of their clients and organize it accordingly. They find which information works the best in coming to an agreement with the lender and uses their well-practiced negotiating skills to make the best modification. These professionals are more helpful than any other experts because they also handle negotiations to the fullest extent. Even with the Federal government
plans, there are differences in the modifications that are made and attorneys know all of the specifications to use the applicant's information to make the perfect agreement.

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