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Getting approved for a home loan modification

Getting Approved For A Home Loan Modification

Do you want to know how to get approved for a home loan modification? These steps will put you in the right direction.

Banks are currently overwhelmed with home loan modification requests. The goal is to get approved to lower your monthly payments in the shortest amount of time. Some banks are more difficult than others, but most have a few sticking points to get past.

You need to be prepared. Every bank will need certain information and the faster you can provide it the faster you can get a loan modification. Your story is not as important as your financials so have them ready. Two to three years tax returns, current paystubs, two months bank statements and current bill payments will be needed.

The bank needs to understand why you took the loan and why you can’t pay for it now but the main information needed is how you will pay for the loan you are requesting. They will want to understand that if they agree to a modification you will not end up in the same situation that they will have to deal with again in six months.

Also, do not try to hide things from them. Be honest but make sure to present yourself in a favorable light. If you try to attempt to manipulate the situation by changing some of the actual figures it may work against you so be honest in your efforts. Please remember that the goal is an equal resolution so everyone wins and not a winner takes all situation.

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