Loan modification process is not as difficult as most people think it is, because many people don’t know if there lender will guarantee their application or not they keep away from writing. Below I penciled down guaranteed ways to easy loan modification.
Write Hardship letter for loan modification: Your lender need to be officially notified that you are having financial problem and there is no other convenient way to do that other than through writing financial hardship letter for loan modification. This letter is not as hard as people perceived it to be, it is not a rocket science even a school boy can do it, as far as you know how to read and write you can write this letter. In the letter explain to your lender why you need their help, what led to the hardship, your plans to come out of them. If it is temporal let them know like when you are disengaged and there is hope for another job, when there is one time expense to solve some urgent problem at hand or increment in your mortgage rates relate it to them because they are all acceptable as financial problems.
Calculate your debt to income ratio and present them to your lender. It is acceptable that your monthly amortization should not be 31% above your monthly income for example if your take home pay is $10,000, your monthly mortgage payment should not be greater than $3,100 if so you need loan modification.
Let them know the value you placed on your home. Proof it your lender that you value your home and you don’t want to lose it to foreclosure, if you can demonstrate it to them that your home is equal or less than the value of your present loan automatically they will go for loan modification.
Follow them up. After all these you need to be determined and follow them up. It is not necessary you wait for them to call you but call them to show how serious you are. Be persistence and at the same time be prepare, if there is anything you that is lacking in your file provide them in time, track every letter and phone conversation calls you have with your lender in case of any denial.