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Talking to your Mortgage Lender for a Loan Modification
Homeowners who are struggling to pay their mortgage and are considering applying for a loan modification to save their home from foreclosure should be aware that how you talk to your bank will make a huge difference in the final outcome of your application.
Mortgage lenders do put a lot of emphasis on the interaction they have with their borrowers. Homeowners often end up thinking that simply sending all the required documents and submitting the application is all they can do. The fact is you need to do much more if you are serious about saving your home. You need to engage your mortgage lender in a way where they will not only know about your situation but also try to expedite your application approval sooner than the timeframe they give you.
The first aspect of engaging your mortgage lender is writing a good hardship letter. You need to put in a fair amount of thought in writing this as it is the hardship letter which will inform your bank why they must consider you for a loan modification. It tells your bank about your financial situation and why it is getting tougher for you to meet your mortgage requirements. A good hardship letter can capture your banks attention and allow your application to progress further.
Just be careful not to go overboard on your hardship letter. The letter should not sound so extreme that your lender will feel you wont be able to meet even the modified mortgage payment if they approve your application.
The next step would be to complete your financial worksheet. This is the single biggest reason homeowners get denied or approved for a loan modification. You dont want to go overboard listing so many expenses and being so negative at the end of the month that even a loan modification wont help you save your home or get you out of your financial hole. You want to give the minimum payments you are paying on credit cards along with the exact car payment and current mortgage payment. For example, when it comes to expenses like your grocery bill or gasoline bill there is a little more flexibility with those numbers since your credit report does not report on these areas.
Once you have submitted your loan modification application, it is absolutely essential you follow up regularly with your bank or mortgage lender. Remember, they are talking to thousands of homeowners each day and your file could end up at the back of the pack if you do not follow up at least once a week. You need to make sure your case stays active and you are moving up the line to get your loan reviewed. Follow up in regular intervals and be courteous, each time politely inquiring if they need any information or documentation to expedite the review process.
If you are not sure about how to talk to your bank or you feel you need some assistance for your specific situation, try researching on the internet or get a guide which would not only provide you with step by step instructions on how to modify your mortgage but also give you essential tips on how to talk to your mortgage lender.
Credit Repair Software New Advances
Credit repair software will make your efforts to raise credit score much easier. Rather than sitting for hours, looking through your credit score, wondering what the symbols and codes truly mean, why don’t you have a web solution to debt consolidation? Why not let the complicated computer software do the work for you? Let the technology of AVAIL, credit fixing software unravel the puzzle behind your credit score.
were you aware that the average household credit card arrears in the US is $15,788? This is a study by the Nilson Report where buyers were studied for Visa card and purchasing activities. The figures are current, from February,2010. How much credit card debt do you carry?
Your credit score will have a bunch to do with what amount of interest you pay for your credit cards. Lower fico scores will pay increased interest rates, but if you are among the 13% of folks that have defaulted, your IR will increase massively.
Consider that the average IR is in the 14% range and with good credit you’ll be making standard payments of $500 per month. With bad credit you will pay as much as 29% and your standard payments will be $697. That is virtually $200 every month additional just in loan charges.
You can see how crucial it is to try to fix bad credit. And it’s not that tough to do if you use online credit repair software. For the amount of interest you pay in 1 month you may have the AVAIL credit fixing software for a whole year. In that time the software will investigate your credit reports and it will reveal credit mistakes you would normally spend ages attempting to find. The software also write a dispute letter for you. All you have to do is sign the dispute letter and mail it. easy.
tons of credit fixing hospitals are occurring across the nation. Why trust your credit to complete strangers? Why would you turn over your credit info to a stranger when you can do exactly what they are going to do for you? You can do your own credit correction and for nickels compared to what they are going to charge. Don’t be beguiled into thinking you are in expert hands because nobody knows your credit as well as you do.