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Many people fail at the first hurdle which is the structure of the application and more importantly the hardship letter.
After reading this brief article you'll be one step closer to making a successful application for a modification loan.
Let's get right into it...
Why the Hardship Letter is Important As part of the loan modification procedure, much of your success depends on your 'hardship letter'.
This letter outlines the basis for your application and should include full details of your financial circumstance.
If you are unable to continue making payments, you must give some sort of evidence of this in your letter.
You really have to try and make a good case for why you should qualify for a loan modification as although the federal government as sanctioned these loans, there is still a rigorous screening process.
Important Points About the Hardship Letter Itself When drafting the letter be sure to do some research beforehand about the requirements for getting a loan.
This may take some time but is well worth the effort.
The stimulus package, under which the home loan modification is a part, is very clear about what it considers 'essential qualification rights'.
Another thing to consider is brevity.
There's no point in baring your soul on the application.
Keep to the pertinent points and only include financial details which will show that you need the loan.
Be sure to include full details of the present loan you have going as well as any signatories to the loan.
Details of the property including any recent evaluation must also be included.
Getting approved isn't difficult but it is important that you understand the process.
If you really can't afford to be declined a modification loan, then I suggest you leave things like the drafting of the hardship letter to a professional.
Loan modification companies, most which are online, understand the fully the loan modification procedure.
Most offer a free consultation and all you have to supply is your name and email to get the ball rolling.
Of course, I can't stress enough how important it is to make a strong application.
Many people try to do it on their own and end up being rejected.
Take the outlined tips above and seek out professional help.
Use it as yardstick for gauging the quality of any loan modification company you come across.
I am confident that you can save your home.
But you must take action.
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