4 Tips to Get Wilshire Mortgage Loan Modification Approved
4 Tips to Get Wilshire Mortgage Loan Modification Approved
Paying monthly mortgage bills is getting more and more difficult for homeowners as their monthly expenses increase. Are you one of those people who are facing difficulties in making monthly mortgage payments because you have been recently laid off? If so, I will offer you some tips in getting Wilshire mortgage loan modification so that you may avoid the foreclosure of your house.
1. Complete Application and Documents
A good loan modification application typically includes all the required documents and forms which are filled according to the guidelines issued by the lender. These forms and documents inform your lender about your financial condition and assist you in delivering your message to the lender. A good application for Wilshire Mortgage Loan Modification would include documents such as a financial hardship letter stating your financial condition like the loss of job or increased medical expenses and your income statement to ensure payments after approval of modification.
2. Apply As Soon As Possible
If you have already missed a couple of mortgage payments and you want to avoid the foreclosure of your home, you need to apply for loan modification as soon as possible. Start right away and check if you are eligible for the $75 billion issued for mortgage modification program. The earlier you apply, the greater are your chances of getting approved.
3. Hire an Attorney
Hire a modification attorney as this will increase your chances of getting approved for the Wilshire Mortgage Loan Modification program. Lawyers are more aware of current lending regulations, have better negotiation skills and may get a quicker response for your modification application. Also, your attorney may guide you better in forming a financial hardship letter.
4. Evaluate Other Options
In case you are not eligible for the loan modification, you should ask your lawyer to help you in evaluating alternatives. One such alternative to mortgage loan modification is a forbearance plan which allows homeowners to spread their past due payment over a specified time period and avoid foreclosure of their homes.
Therefore, use these tips to get Wilshire Mortgage Loan Modification and prevent the foreclosure of your home as these tips have proved to be beneficial for many homeowners.