How To Dimish Your Chances Of Being Denied A Loan Modification

When your mortgage payment is more than you can realistically afford to pay

, you might need to consider some options to get your finances back under control. One option that has become more popular in recent years is a home loan modification. With this process, you renegotiate the terms of your mortgage with your lender so that you can stay in your house. Mortgage lenders don't have to give you a modification if they

determine you don't quality for whatever reason. They can always choose to simply foreclose on your house. If you want to maximize the chances of getting a loan modification, there are some recommended steps that you can take.

Get Professional Help

One way that you can increase your chances of getting a mortgage modification is to get professional help from a loan modification attorney. Hiring a loan modification lawyer can provide you with the expertise and guidance that you need to

get through the process. Most people have never gone through mortgage modification before and wouldn't even know where to begin. When you hire a loan modification lawyer, you can get advice about how to proceed to strengthen your chances for securing a modification. Your lawyer will be able to communicate with the mortgage lender for you so that you don't have to worry about negotiation or anything else.

Provide Requested Documents

If you want to improve your chances of getting a loan modification, make your financial documents available to your lawyer and your lender. In most cases, the lender will ask for bank statements, pay stubs, tax returns and other financial information. With this information, the lender can determine if you are actually in need of a home loan modification. If you have had some extenuating circumstances that made it impossible for you to make your mortgage payment, the lender will

probably be much more understanding overall. If you simply squandered what your money so that you could make your mortgage payment, then your chances are probably pretty slim.

Contact the OCC

Another option that you have is to contact the Officer of the Comptroller of the Currency or the OCC. This is a government agency thatis in charge of monitoring banks that are federally chartered. This means that they have some oversight of the mortgage lenders in the country. If you file a complaint with the OCC and tell them that the lender is not moving forward with the loan modification in a timely manners, you may be able to get some results. The OCC may contact the bank on your behalf and tell them to help you.

Considerations

Your lender is not obligated to give you a loan modification. Because of this, you may have to continue to follow up and let the lender know that your only other option is foreclosure if this is indeed the case. If the lender does not want to have to go through foreclosure, you may be able to get the help you need. If you are willing to be persistent, the lender may eventually give you the help you need and allow you to stay in your house with an affordable payment.

by: Alvin Clark

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