Qualifying for a Loan Modification
How to Qualify for a Loan Modification
If you are falling behind on your mortgage payments and seek to obtain a loan modification in order to keep your home, you will first need to qualify in order to be approved. While the media may push that you can do loan modifications on your own, or that you can have a free nonprofit company help you, the reality is that if you do not know the legal issues and requirements of what banks are looking for when doing a loan modification, your likelihood of qualifying are greatly reduced. By using the services of a competent and professional loan modification attorney, you will have the legal expertise of someone who has helped numerous other people obtain their loan modifications. BK Law Group PC has been assisting the residents of Bristol, Norfolk, Worcester, Middlesex, Plymouth and Barnstable Counties in Massachusetts and throughout Rhode Island for over 20 years. Known as “My Home Saviour” by her happy clients, she is dedicated and aggressive when it comes to pursuing your loan modification.
Steps For Qualifying
To increase your chances of qualifying for a loan modification one must first know what the particular lender you are dealing with is looking for. Armed with this information, a thorough financial package is put together that accurately reflects your financial picture. Lenders like to see at least a small amount of disposable income at the end of each month after a revised mortgage payment, showing that you have the wherewithal to cover all of your current bills plus a little extra. In addition, your debt ratio is examined by your lender. With careful budget planning with the help of your loan modification lawyer, you can present the type of loan modification that will work based on your finances, be it an interest rate reduction, longer note term or principal reduction.
Qualifying for a loan modification can be complex and time consuming. Even after providing all the needed information, more may be asked for. There will also be numerous barriers to overcome as your application makes its way through the lender’s underwriting department. Allow the BK Law Group PC to aggressively pursue and negotiate your loan modification for a greater chance of success.
If you are wondering if a Home Loan Modification will work for you and if you qualify, contact an Attleboro and Providence Loan Modification Attorney to find out how we can help.