Next Two Months are Important in Loan Modification

It seems like the loan modification program by various banks is moving forward albeit on a slow pace. My impression is that once all the policy is laid down, and the loan modification personnel’s doubts are cleared, the pace of loan modification would pick up. However, for people who like to do loan modification it is suggested that they should have their papers in order and ready. We like to sum up all those documents one more time:

– Bank statements for the last three months

– Payroll stubs for the last 3 months

-Tax Return for the year 2007

– Employment record of both spouses

– Hardship letter, and reasons why this loan modification is required

-copies of their mortgage payments coupon


    • Mostly the loan modifications by banks are helping the primary home owners only. It is nothing wrong to try with them and ask them that you need loan modification for your investment properties as well. The modification may not be very exhaustive, or they follow the guidelines, but still it is more economical for the lenders to salvage their properties and investment with the property owners. The other choices for lenders like the short sale, the surrender of property deed, the foreclosure are not really very attractive choices. Lenders has to do any one of the above choices, but they don’t like and these are very expensive choices for them. Offer them something tangible, and talk to the right person, and hopefully they would listen.

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