Home loan modification is a form of mortgage assistance that will delay the process of foreclosure.
You can apply for this through your lender.
One or several terms of your loan will be changed for it to be more affordable.
You can speed up the process of loan modification through several means.
One way is through documentation.
When applying for any type of mortgage assistance, you must have all things recorded and be kept in a file.
These documents will help you avoid unnecessary delay because some lenders can lose track of your loan modification application.
All of your transactions with the lender must be recorded including the conversations with them and the lawyer overseeing the modification.
All receipts for all transactions must also be properly kept and there should also be photocopies of the original receipts.
Another way to speed up the loan modification process is by having the requisite financial statements prepared.
The financial statement of your assets and liabilities is very important in this mortgage assistance.
Lenders may have their own format and may ask you to use it.
When the lender asks you fill up in their format, you'll have all of the necessary information from your financial statement which will make the filing a lot faster.
Be proactive when applying for loan modification as mortgage assistance and do research on the papers and other details your lender may ask from you.
If you don't have the information they need, the process will be delayed.
There is a possibility that lenders will no longer call you for further details.
You should be ready with the details of your current income and other additional income like child support and welfare, your total assets which include investments, bank accounts and investments, and your total liabilities including tax liens, monthly bills, loans and medical expenses.
You must also keep all supporting documents like bills along with the financial statement.
By having all these papers prepared you are providing the lender with enough details to prove your situation and capacity to pay.
This will make the process of receiving your mortgage assistance faster.
When handling documents for your application, it is very important to provide truthful disclosures.
You can consult an attorney to help you with the papers and the application process of this mortgage assistance.
Make sure that you conduct a background check on the lawyers that you will get services from to assure the smooth flow of your application for mortgage assistance.