A lot of homeowners are having problems making their monthly mortgage payments, and worse of all, are not sure how to get a mortgage modification. Many homeowners wish they could lower their monthly payments and modify their existing home loan. However, a lot of people are hesitant to approach their lender with such a request thinking they will not be responsive. Here are some tips to getting a mortgage modification:

Start by figuring out how much your total income and debts are from all sources. This can start you on the path to creating a good budget. Plan this budget around the expected mortgage modification, with lower payments and new interest rates. This will help you prove to the lender or bank you are capable of budgeting and have a plan should you get approved. This also shows dedication and a commitment to saving your home, which may be what you need to get an approval.

The next thing you should do is gather all relevant information and paperwork relating to your finances and assets. These can include pay stubs, tax returns, bank statements, and other financial information. Having this paperwork ready to go, and already checked for errors, will save you a lot of time and hassle. This also will make the process easier for the bank or mortgage lender, and push your application through easier.

After that, find yourself a good mortgage lender or bank. You can even start your comparison shopping by using the internet. There are a lot of lenders and banks who are able, and willing, to help you. Finding the best one though is up to you. Compare the costs and benefits of each lender and the options they give you. This is the only way you can truly compare costs, and see which deal is best for you.

The truth is that many mortgage lenders and banks are open to hearing, and approving, these requests. If they have to deal with a foreclosure, their is a lot of expensive paperwork and processes they will be forced to go through. In addition to the lengthy intensive foreclosure process, the housing market is in bad shape now as well. Homeowners are losing their jobs or income, and that means no one can buy a home to begin with. This has caused a lot of homes to plummet in value. This also means that a home that has been foreclosed on may not generate any profits at all for the bank or mortgage lender, and may actually end up costing them money. This is a huge reason that right now, a mortgage modification is easier to get than ever.

-M Petrone

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