Friday, January 20, 2017
What Is Required To Modify My Mortgage?
One way for an underwater homeowner to get the most out of their home and mortgage loan is to ask the lender to rewrite the mortgage. This type of rewrite is most commonly accomplished through mortgage modification, which is when the lender redoes their loan with more favorable repayment terms. Most times the interest rate is reduced or the length of the loan extended, making the payments lower and more affordable. But in order to have your mortgage loan modified, you have to ask. And part of this asking includes providing certain information and documentation. Because lenders are looking at a large volume of modification requests, those that are presented clearly and completely have the best chance of being resolved in a shorter time frame. So, if you are considering seeking a mortgage modification, let us help prepare you and your request.
Some of the things lenders look for when you are asking to modify your mortgage are:
● The ability to repay the modified loan, which can be established by presenting proof of income. Not every case will be one where you have to provide your income for the past several years, as you may have had to do when taking out the loan and this is because the modification is coming from your lender, who already has access to that date from when you took out the loan.
● An application must be filled out and provided to the lender.
● You might be asked to provide tax returns and bank statements, but the time period for which you have to gather these documents should not go too far back.
In some cases, lenders request a monthly budget showing your income and expenses, so a determination as to your need for a reduced payment can be made. Everyone has different circumstances, and the things you will have to do in order to obtain your loan modification depend on your unique set of circumstances. Our office has skilled legal professionals, with extensive experience helping homeowners obtain loan modifications. If you are having a hard time making your house payment, call us to talk about a modification. We will carry the load for you, and make sure all possibilities are explored. Call us today.
For more information about mortgage loan modifications, call us today or reach us online at www.law-ri.com. We offer appointments at multiple locations for your convenience and can schedule a time to visit with you today.