Many homeowners seeking to modify their loan to lower their monthly mortgage payment and avoid their homes being foreclosed on continue to find the process frustrating and very complex often making them give up and walk away from one of their biggest investments ever. I suggest these 8 tips from a national nonprofit credit counseling and education agency, CredAbility.
1. Speak with a non profit housing counselor to understand investor rules for your loan. NACA (Neighborhood Assistance Corporation of America) NACA.com is one that a few of my clients have utilized and were successful.
2. Submit all documents that prove your CURRENT income
3. Submit current bank statements
4. MAIL your documents to the mortgage company, certified mail..faxes get lost!
5. Label each page with your name and loan number
6. Fully explain any recent or unique income changes
7. Include a timeline in your hardship letter (when the job loss occurred or illness etc..)
8. CALL CALL CALL your mortgage company every week!
If you have further questions or comments..do not hesitate to call, email, or blog me back ;-D Be blessed.
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The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the HRIS.
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The purpose of my blog is for me an Experienced Texas Realtor and Instructor to express my insights to buyers and sellers on today's real estate marke. I can also answer any questions or concerns with no obligation from the consumer.
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