When you try to get your loan modified through the Obama's loan modification program or any other loan modification plan you are faced with certain challenges that you will have to overcome in order to demonstrate the lender that you are indeed a righteous candidate for refinancing.
You faced to mayor situations depending on the real reason you are trying to modify the mortgage of your home. First, if you have been paying your home mortgage on time and without problem, your lender will think you can continue to do so and will refuse to modify your loan.
Of course if you can demonstrate that you are running through a hardship and that your financial situation recently changed; they probably will take you in consideration as possible loan modification candidate. This is very tricky and if you don't do it correctly you may end up being rejected even if you truly deserve the chance.
On the other hand are the homeowners that have been late on their mortgage payments for a long time, are in default or are already in the process of foreclosure. This is a very complicated situation and you may be put against the wall.
On one side; yes, you really need the loan modification; on the other hand you should demonstrate the bank that you will be able to pay the new loan once is modified. More often than no, you get rejected because of lack of enough income or incapacity to afford new payments.
In both cases you can still reapply and get approved if you do things in a certain way. There are techniques and strategies you can use to legally demonstrate that you are the right candidate for the Loan Modification Program.
The first step, of course, begins with filling the paperwork the right way. You will need to have on hands all the necessary forms and have detailed instructions on how to complete each one of them properly. It is not about lying; it is about filling it in a certain way in order to make them attractive to the lender.
You need to make sure that your hardship letter is made in an specific certain way that demonstrate the Bank that you are in fact in a hardship, but if given lower payments through a Mortgage Modification Program you will be able to assume your payments obligations on a timely manner. Your hardship letter must be convincing.
In the case that you have already tried and failed, you still have options and the opportunity to reapply again. You need to make sure you approach the situation the right way so you don't lose your home to foreclosure. You will need to use certain strategies that will keep you I your home even if you can afford your monthly payments.
In the worse of the cases; if you just can't get approved a this time because you just don't have enough or any income at all, you still can use many techniques to stay in your home for years even without making any mortgage payments. You will need to know how to use the law in your favor to fight against your lender.
No matter your situation, you still have options. If you will apply for a Loan Modification for the first time you'd better DO IT RIGHT!, if is your second time do it correctly because it may be your last. For help visit: How To Stop Foreclosure. If you are already facing FACING FORECLOSURE you still can reverse your situation by avoiding foreclosure for as long as you need until you are ready to re-apply for a Loan Modification Plan, even if you have no income at all. For help CLICK HERE
Article Source: http://EzineArticles.com/?expert=Alfred_Sant
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