Loan Modification Tips

A loan modification can be a tricky process. For professional assistance in obtaining a loan modification on your Mortgage, click here.

Below are six tips to help you achieve a successful loan modification

1. First and foremost, find out if you’re qualified! Government-supported modifications are only available on certain loans. Click here to find out if you qualify.
2. Compile as much information as possible. Be prepared to provide exactly the information the mortgage servicer requests. Each loan servicer has its own forms and documentation requirements.
3. Be honest and accurate. Loan servicers dig deep before determining whether or not to approve a loan modification. Don’t exaggerate your finances with hopes that it will help you obtain an approval.
4. Avoid errors by assuring accuracy. It is estimated that 95% of all loan modification packages are submitted to banks incomplete, or with errors.
5. Follow up regularly. Banks are overloaded right now with foreclosures, defaults, and loan modification requests. To ensure that you aren’t forgotten, follow up with the lender on a regular basis.

Let Us Do The Work For You!

Contact HSC today to learn more about modifying your mortgage ~ Gil Salinas (Owner of HSC)

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