Are you behind on your mortgage payments? Have you tried to refinance your mortgage for a lower rate and got denied? The next best thing to a refi-cash-out when times are tough is to lower your rate with a loan modification. Most banks will not tell you what you will need to qualify for a Loan-Modification. Many of these banks will refer you to your lawyer. The average lawyer will charge you between $3,000 to $4,000 dollars for a Loan-Modification. The least a lawyer will charge you is one months' mortgage payment.
Loss-Mitigation Experts
Most Lawyers are not experts In Loan-Modification. You should speak with an expert in loan modification or Loss-Mitigators. Loss-Mitigators are people who work directly with the banks' Loss-Mitigation department. You do not need to be a lawyer to work on behalf of a client who is in foreclosure or to work on a Loan-Modification. Most people do not know what they will need to get started.
Free Loan-Modification Qualification Form:
You can ask the Loss-Mitigation department in your bank for this one form. It is one sheet of paper that will determine whether you will qualify for the Loan-Modification or not. You do not need an attorney to find out if you qualify. You can download this free form at the link provided below.
Loan Modification Strategy:
The form will only tell you what you will need in order to qualify for the Loan-Modification. There is one very important part of the application that is not discussed in detail " THE HARDSHIP LETTER." The hardship letter is very important. The whole application can weigh on this hardship letter.
The Hardship Letter:
The hard ship letter should be hand written and in good calligraphy.
A properly formatted hard ship letter will guarantee you a Loan Modification.
