WARNING: Do Not Pay A Loan Modification Company

Mistake 1:Being Uneducated

Starting the loan process with your lender, before knowing the way the entire system works and being unaware of lenders qualifications in order to approve your application.

Mistake 2: Money Upfront

Paying large amounts of money in advance, to a loan modification company before establishing its qualification and it's expertise in the loan modification process. Far to many home owners have handed over $1,000's without good returns, in lieu of beginning with their own do it yourself loan modification application process- taking matters in their own hands.

Mistake 3: Time is Crucial

Wasting time by speaking to employees whom you think is working for you and in the end, ends up taking your last dimes from your pockets. Most actually belong to collections department and will probably never help you in providing an actual loan workout. You need to make sure you are speaking with the right person whom is going to assist you with getting your loan modified.

Mistake 4: Badly Written Hardship Letter

A poorly written hardship letters will hurt your loan. The letter should, come across as a hardship. The letter want to get the lender understand your situation. It is important to grasp that if you are unable to get your point across to the bank that you are truly in need of Loan Modification, due to the matters that were not in your control, chances of getting an acceptance are very few and far between.

Mistake 5: Incomplete Paper Work

The paper work can be difficult and you could miss filling out parts on the application, which can be the most common reason for the postpone and a good chance of even rejection of your loan.

Mistake 6: Your Income

You want to make sure you disclose all your income. The local bank will verify all your information you provided. They could possible pull a 4506,
which will pull your tax records for the past 2 years.

Mistake 7: Exit Stagy | Guidelines

You have to be able to explain to the bank how you are going to get out
of the situation and move forward. Explaining how you will make payments on
new loan and not fall into the same situation. (The banks have their own
criteria.) You want to be able to show that with the new loan will be within
your budget, but you need to be able to met the banks guidelines.

Mistake 8: Incomplete Package

You have to make sure you give the bank the full loan package,
which incorporates all the forms and documentation need for analysis.

Mistake 9: Being Persistent

Not staying on top of your loan, could possible lead to your loan not to be worked on. There are thousands of loans the bank are dealing with, on a daily bases. Remember the squeaky wheel gets more grease.

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