Loan Modification Services

Most lenders really do want to foreclose on a loan and will work with you to fix the problem, but there are the ones who will not. There are companies who work for people just like you who are facing foreclosure. They work to help stop the process and keep you in your home. They will help you create an action plan and start the process with the mortgage lender. They will help you document your financial situation that shows that you can afford your monthly payments. They will help to make sure that you are accurate and keep everything honest as this is the key to getting your loan modification accepted. They will then lastly help you develop a letter to explain why you fell behind, more commonly referred to as the Hardship Letter. They will then make the entire package available to the lender in way that is easy to understand and able to make to a decision very quickly.

Counselors help: Under this service package the counselors of the modification service providers guide the borrower’s through the jungle of the paperwork to file it properly and without any error. The counselors also help the borrowers to draft a compelling hardship letter. A hardship letter is one of the most crucial components of the loan modification package which is actually a summary of your case for bank’s review. The hardship letter has to talk about the nature and causes of the financial hardship being faced by the borrower.

Loan Modification, a phrase you may have seen or heard previously, is a solution you can trust. Earlier this year the government passed a plan that set out to help homeowners with modifying their loans. This plan was implemented for those who are more than 5% underwater, already in default, or whose mortgage is at risk of default. This plan no only helps those who are in default, but it aims at trying to prevent others Americans from having to default on their mortgage. This plan both treats and prevents was has become a major financial issue for our nation’s economy. Many financial experts were happy to see the government take such a proactive approach.

Everyone facing foreclosure should have the chance to save their home, while making their loan affordable. Experienced loan modification attorneys present the best chance of modifying your loan to make it affordable.