Loan Modification Help - Step by Step Approval

There is no magic involved in getting loan modification help from your lender. In fact, there is a mathematical equation that the federal government has mandated all HAMP lenders use to determine if a homeowner qualifies. This formula is based on your gross monthly income, loan amount and a waterfall method of modifying your loan so that it reaches a target payment. This new target payment is designed to be affordable and keep you in your home.

But how to get loan modification help and be certain that you have met the approval formula? It's not a mystery-simply use the tools available to you when you prepare your own application. Then you can be certain that you fine tuned your financial statement and that you fit as closely as possible into the approval formula. Here are the basic steps to follow:

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Loan Modification Steps to Success:

Get the loan modification forms that will be required by your lender ahead of time-you need to work on your figures before you contact your bank-Financial statement, hardship affidavit, hardship explanation letter Gather your income documentation-paycheck stubs, W2's, tax returns, award letters, bank statements Get out your monthly bills-you will need to itemize your expenses and you should be as accurate as possible Now practice completing your financial statement by itemizing your household gross income and your monthly expenses-verify your debt ratio, target payment, disposable income, etc. If you are uncertain how to do these calculations, then use the Loan Mod Quick App software that automatically figures all of these critical numbers for you-just input your income, expenses, assets and it immediately shows you if you fit the guidelines or need to make adjustments Fine tune your financial statement with any changes required so that you know your budget fits into the approval guidelines based on the software results Put together all of the forms, income and asset documentation, hardship letter and organize them into a folder for handy reference Now, call your lender and tell them you want to apply for HAMP, have all of your prepared financial information ready so you are prepared to give them your accurate and acceptable information

Loan modification help can be obtained within 30-45 days if you are prepared, persistent and your application is done correctly. Just like anything else you do, the more knowledgeable and prepared you are the better your results will be. Your home could be on the line, doesn't it make sense to do the necessary work ahead of time to get your loan workout quickly and get back on track financially?

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