Exactlty What Can You Do If Your Loan Modification Was Denied?
Home owners are applying for loan modifications in record numbers
. Numerous situations have triggered financial hardships that will make paying their monthly house loans difficult if not impossible. Many have effectively gotten loan modifications approved. But, what do you do in case your loan modification was denied? Sad to say , that happens a lot. If you've been denied, it's not the end of the world. You may feel depressed and defeated, that's okay - that's normal. But now you must try and shake it off and roll up your sleeves.
Discover Why Your Application Was Denied
There might be several reasons why one house owner is denied while another is not. You need to speak to your lender and ask why. You may not get an answer the very first time you call. Keep calling until you get the information you need. Let's look at a few common reasons why a homeowner can be denied and subsequently step to take in every circumstance.
If You Were Denied As A Result Of Deficit Of Proper Documentation
This can be easily rectified. Find out just what exactly documentation was missing from your application. Remember to be clear on what is required. Then find whatever documents you were missing and re-apply.
Your Lender Denied Your Loan Modification Application Because Of Your Income
It's normal for a home owner who has lost their employment to get a loan modification. Without having income, they are unable to make their month-to-month home loan payments. A lender may possibly deny an application resulting from too little income. In this situation, try getting work elsewhere at once. In challenging times that could be easier in theory. When you're working to stay in your house and earnings are an issue, you have to try and find job. If that is not a possibility, ask people in your household with earnings to apply for the loan modification with you. This way you may use their earnings when you apply again.
Hardship Letter Not Acceptable
Should Your lender informs you that you were denied by reason of something you wrote in your hardship letter - it's time to get pen and paper and start once again. You must be able to back up your hardship claim with documented proof. Ask your lender what was the issue with your hardship letter. If it was documentation, find out what you skipped and include it when you re-apply. Make certain your situation qualifies as an acceptable hardship before you apply.
Divorce
Death of a spouse or other family member
Job loss
Excessive debt
Medical Bills
These are merely just a few hardship situations that are considered acceptable. Confer with your lender or a loan modification company for additional info on this. Keep your letter to one page...two at the most. Once you've rewritten your hardship letter, you may then reapply.
Denied As The Expenses You State Don't Add Up
If you're sure your figures when it comes to your stated expenses are correct and that you need to qualify. Ask your lender if you possibly could speak to them and review your documents line by line. Lender representatives are only human and humans make mistakes. Particularly when it comes to calculating financial statements. Ask them to offer you exclusively where the problem is. Then go over it again with a fine tooth comb. If you indeed find an error, make the necessary corrections and then reapply.
Now you have a good idea of what to do if the loan modification was denied. You also are aware that there are several ways of repair the problem and re-apply. The great news is, there is no limit to how frequently you can apply for a loan modification. The old saying," If at first you don't succeed try try again"...in this case should be..."If at first you don't succeed try try again and again and again!" You've spent lots of time and energy acquiring documents, writing your hardship letter and doing whatever you required to apply. Getting denied happens, but that does not mean give up.
If you want help, consider a loan modification service to help you correct the problems that got you denied in the first place. You worked hard to buy your home...now you've got to be inclined to work even harder to keep it.
by: jonathan s Cunningham
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