EasyNoPayLoanModification.comDon’t Pay To Do Your Loan Modification

As we have always mentioned in this blog, your loan modification should include a well written letter of hardship, and this is a very important part of your application.  But once this is all set and done, what you lender will be looking for is if you will be able to afford the new payments after the loan modification. This is the other very important part for you to be able to get a loan modification approved.
The first thing you need to know is that the manner that lender will calculate your income for a loan modification is usually very different from a traditional income calculation to qualify you for a regular loan.
For a loan modification you can, and actually should use ALL the income resources that you may think of and be able to provide documented proofs for each and every one of them. Income from a second job, income of your spouse and any other income source you may have. The sum of all your household incomes will provide a new qualifying income for you loan modification.

Remember, lenders are not interested in losing you as a homeowner. Their best interest is for you to stay in the house, not to under-sold your house to foreclosure. With this in mind, you will need to do your best to come up with a good strategy in showing all your incomes and prove that you can make your loan modification payments.
Lenders not being very pro-active in the matter though, may sometimes be dragging their feet in getting back to you. Let them know that you are waiting for a response from them, don’t let them forget about your case. Sometimes, all it takes is a friendly reminder. When the lender sends you their proposal, don’t just accept it without reviewing it in all its details. If you don’t agree with all the terms, you don’t have to accept them.  Negotiate further until you come to an agreement.   For more information about loan modification click HERE.