Maple Point Homes

Four Tips for Getting a Loan Modification

Loan modifications have helped hundreds of thousands of troubled mortgage borrowers reduce their monthly payments and stay in their homes. If you have been looking for a loan modification to avoid foreclosure, here are four tips to help you qualify and get the financial help that you need.

1. Write a hardship letter to your lender. One of the most important documents needed for a loan modification is a hardship letter. A hardship letter is a letter written by the borrower that explains why you are having troubles making your mortgage payments each month. Your hardship letter should be specific and to the point so the lender can understand exactly why you are having problems making your payments. This is one of the ways that the lender will determine what type of help to give you.

2. Speak to the right department. When looking for a loan modification, be sure you contact the right department at your lender. Many troubled homeowners think the collections department is the right department, but this won't get you too far. Instead, ask to speak to the "loss mitigation" department in order to get something done.

3. Don't be unrealistic. Your lender isn't going to suspend your payments or give you a ridiculously low mortgage payments while letting you stay in your home. The lender's representative will take the numbers and come up with a monthly payment that you will have to pay in order to avoid foreclosure. However, you can still negotiate to a certain extent before making your final decision on their offer.

4. Document everything. You never know what is going to happen when you try to get a loan Modification. That's why you should write everything down every time you talk to a lender representative or anyone else related to the matter. This way you have documentation in case you ever need to hire the services of an attorney.

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