Two Important Keys to a Successfull Loan Modification

Two important part of a loan modification that your lender or loan service will want to know before approving your mortgage modification.

  1. The ability to pay and/or afford the new terms of the modification. If you don’t have a job or the income to support the new payment worked out by your lender, then they won’t approve the new loan mod. They will base this on your financial statement that they will request from you at the beginning of the process.
  2. A hardship that has happened to your or your family. This could be from several different experiences….loss of job (but now employed), death in the family, medical problems and so on. Lenders don’t want to see that you have been taking out new loans for new cars and trucks, they want to see a real hardship that has temporarily caused or permanently caused the inability to afford your previous house payment.

These two areas are important and you will  need to look at them before  appling for a loan modification and also  you will want to make sure you are planning on keeping the home to live in. Find more information on loan modification at www.UtahRealEstateExpert.com

Todd Rodocker: Loan Modification and  Foreclosure Prevention consultant.  

Advertisements

About toddrodocker

I have been doing real estate for over 15 years has a Real Estate Investor, Real Estate Agent and Mortgage Originator. Todd Rodocker Realty Group is partner with Aubrey & Associates Realty and Altius Mortgage. NMLS 317650
This entry was posted in For Buyers, For Realty Professionals, For Sellers, General Information. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s