Loan modifications can be a tricky proposition. I don't claim to be an expert at them nor do I execute loan modfications for clients, but I do try and help homeowners that are in the battle fields with their lenders. Coming up with the proper balance of income verses debt is really key to a loan modification and contacting a lender and asking for a loan modification is not an easy task nor is it for the weak at heart.
I have met with dozens of homeowner's that have taken on the feat...and well....feel defeated...once they are done talking with their lender about constructing a loan modification. It's true that very few loan modifications are successful and those that appear successful only find themselves in the same situation 5-10 years down the road.
To start, your lender will want to know your fiances. If you make too little money your loan mod will be rejected and if you make too much money your loan payment could go up! Sounds crazy...I know, but I have seen it happen time and time again!
Your lender will also want a financial worksheet from you. So be prepared to devulge your finances, line item by line item. You will also need to write a hardship letter explaining why you can't make the payments and how your financial situation has changed since you bought the home.
If you are trying to get a loan modification right now and need further information on the process, give me a call or visit my blog at www.sherrykloanmodhelp.com. You can also call me at 951-315-3201 or send me an email at team@sherrykhomes.com
Sherry 'K' Kotvis
Allison James Estates & Homes
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