If it's time to contact your lender about applying for a loan modification, make sure you are informed and prepared before you give them any of your information. Why is this so important? Remember, your lender is a debt collector and the first order of business is for them to collect money. If you are delinquent or facing financial hardship, you need to make sure your are armed with the information you need to know ahead of time. How you approach your bank and the information you provide could be the difference between approval and denial of your loan workout. Here are some red flags that you need to avoid if you hope to get a loan modification.
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Your lender will be looking for key elements from you to determine if you qualify for a loan modification. If you cannot satisfy their requirements, you may not be approved. Some of the red flags that might hurt your chances include:
Unacceptable hardship or financial situation-if you have frivolous items in your budget like luxury cars or club memberships or if the budget you present shows a large amount of excess money left over after paying your bills If you are unable to prove your income with check stubs, tax returns or bank statements Having a lot of equity in your home may work against you-it may be cheaper for the lender to foreclose rather than modify Showing large reserves of funds in bank accounts-may indicate you are not in a dire financial need Your current mortgage payment (including property taxes, homeowners insurance and any HOA dues) is less than31% of your household gross monthly income.
You should have a plan, prepare your budget ahead of time, and know what you are asking for before contacting the bank about a loan modification. If you call them and start answering questions before understanding your rights and options, you could be setting yourself up for making big mistakes. Homeowners like to think that their lender has their best interest at heart, but the truth of the matter is that the loss mitigation department is trained to "mitigate loss" for the bank-this means that they try to find ways that save the bank the most money-which does not necessarily work best for you.
You can head off any red flags that may cause denial of your loan modification approval by working on your financial statement ahead of time. Calculate your debt ratio, disposable income and asset ratio when preparing your budget-that way you will be able to make adjustments before the bank reviews it. If you don't understand how to figure these yourself, you can use a software program that does all the calculations automatically for you. This is critical to get right-if your monthly income and monthly expenses fit into the HAMP guidelines, then you have a good chance of approval. If not-then you will most likely be turned down.
When you speak with your lender and know exactly what to say and what not to say, understand your goal and know how to present your situation correctly, you are more in control and have a much better chance of getting the loan modification you need. You can use the very same formula your lender will use to determine if you could qualify for the HAMP loan workout. Do this ahead of time and make any necessary adjustments to your budget using the Loan Mod Quick App software. It's time to get serious about saving your home, make the commitment to get started today.
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