Check out this great MSN video: Homeowners vs. the banks

Check out this great MSN video: Homeowners vs. the banks

Loan Modification Financial Hardships:

Before you apply for a loan modification you need to know if you financial hardships are actually considered legitimate to qualify. Watch the video to find out the most common hardships to lenders like.

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What's The Difference Between A Home Loan Modification And A Refinance?

This video will show you the benefits of choosing a loan modification over a refinance.

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Hardship Letter: You Need One For Your Loan Modification

A hardship letter gives you the chance to explain every reason (hardships) that caused you to be late on your mortgage payment.

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Loan Modifications and Credit Reports

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Lenders will Take a look on your credit report as part of the loan modification process, watch the video the find out what items they pay attention to.

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Am I Still Eligible For A Loan Modification If I Filed Bankruptcy?

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A good bankruptcy attorney will tell their clients that want to save their home, to first apply for a Loan Modification and then consider a Bankruptcy After.

The reasoning behind this is, if a home owners files for a bankruptcy, then it limits them to fewer Loan Modification programs and when a home owner is facing foreclosure they need as many options available to them as possible. As its not a one size fits all solution.

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How To Get A Successful Loan Modification Started?

Learn how to get a loan modification started the right way...



Before you approach your lender, you will want to visit their website to see what type of documentation will be required for submission. Typically most banks will require the following: 2 years tax returns, 2 most recent paystubs, 2 most recent bank statements, current mortgage statement and a hard ship letter. Your hardship letter will tell the lender why you need your payments reduced, you will want to keep this letter short and sweet, no 5 page essays are required, as they don’t have time to sit down and read paragraph after paragraph, just give them a snap shot. When you do start speaking to your lender you will want to take very detailed notes and make sure you get the full name and contact information for the representatives that you speak to.

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