Whatever financial situation you find yourself in, the most important thing to do when facing foreclosure is focus on how you can stay in your home. There are many alternatives and it’s best to explore them all. However, many require a lengthy process with no shortage of hoops to jump through. One popular alternative is Loan Modification. Let’s learn a little bit more about how you can qualify before you face foreclosure.1. Describe how you got into trouble in the first place. Provide the lender a “hardship letter” about how you fell behind on payments. Make sure to give as much detail as possible.
2. Express how much you would like to stay in your home and that you’re willing to make modified payment in the future.
3. If you have tried to sell your property, make sure to include records of those attempts.
4. Describe how you are willing and able to make modified payments. Are you back in a stable job or back to work after recovering from an illness or injury?
5. Make a statement about how a loan modification will help you get back on track with payments and improve your financial situation. For example, if you do not qualify for this modification, you will lose your property.
6. List your expenses and prove how a lower mortgage rate will put you and your family in a better financial position to pay back your original loan.
7. Have a copy of your free credit report available for your lender. These numbers can help your lender make a final decision about whether or not you qualify for this new loan.As always, take it one day and one step at a time. Know that you are taking the right steps in order to avoid foreclosure. Stephen K. Hachey, a Florida real estate attorney, can help you determine what option is right for you. Contact him at 813-549-0096.
This post was written by Stephen Hachey. Follow Stephen on Google, Facebook, Twitter & Linkedin.