Expert Loan Modification help Tampa, FL, 33610
Headlines are now popping up with news about a loan modification process that is now available for homeowners facing foreclosure. Getting a loan
modified is time consuming and involves many rules and regulations which vary greatly between banks and lenders.
Foreclosure is not the desired end for either the homeowner or the bank. This is good news. The chances that a loan modification will be approved
are enhanced if successful negotiation results in the homeowner meeting the lender's guidelines.
But, it's not as easy as it sounds. A homeowner usually desires a lower fixed interest rate, lower monthly payments and ideally, a reduction of the
original loan amount.
The bank, however, is in business to make money, not to do people favors.
If you think you are eligible for a loan modification, remember that your bank will negotiate hard on its behalf. We all know that collection agents are
not trained to be friendly or helpful. Their one goal is collecting money and maintaining the current terms of your contract. Realize that if a homeowner
attempts to negotiate a loan modification by directly contacting the bank, chances are they will almost always fail to receive the best terms possible.
Unbelievable stress, hours on the phone, faxing, filling out forms, "jumping through hoops" all in an attempt to get their loan(s) modified ultimately
results with the homeowner in no better of a position than when they started.
The first step to lowering payments without refinancing is collecting the mandatory documents and paperwork required by the bank. Accomplishing
that huge task can reduce some of the homeowner's anxiety and stress regarding their pending foreclosure. Moving forward in an organized way helps
reduce the chances of missing any important documents that might cause the loan modification to be rejected.
Required Documents Check List:
Most recent mortgage statements, documentation showing taxes are current on the property, proof that your homeowners insurance