Mortgage Modification: 3 Quick Tips to Prevent Foreclosure on Your Home
Good news for men and women who are experiencing difficulties with paying the mortgage on their home.
If you are behind on your mortgage, you do not have to throw in the towel and pack up your belongings.
Instead, ask for a mortgage modification. Did you know that banks, credit unions and mortgage companies offer affordable mortgage modification options that are “backed” by the federal government?
And, mortgage modifications are available for people who ask for them; who can qualify for a mortgage modification.
These three tips can save your home:
Tip # 1 Telephone Your Mortgage Company Immediately:
If you are experiencing difficulties making your mortgage payments, do not ignore your bank, credit union
or mortgage company.
Instead, contact your bank, credit union or mortgage company immediately to notify them of your financial situation.
There are many programs available to assist men and women who are behind on their mortgage.
However, it is important to be transparent and honest when speaking with your bank, credit union or mortgage company.
NEVER overstate or understate your income and liabilities.
Doing so, may prevent your bank, credit union or mortgage company from being able to assist you.
Many people have been able to successfully get their principal balance and mortgage monthly payments reduced.
Tip #2 Complete all required Modification Paper work:
It is important for you to complete all mortgage paperwork in a timely manner.
Whatever paper work or documentation your bank, credit union or mortgage company ask for, be sure to submit it immediately.
Do not delay submitting your mortgage modification paper.
The paper work required for a mortgage modification can be intimidating.
However, stay focused and know that it is only part of the mortgage modification process.
Tip # 3 Stay Positive:
Dealing with a delinquent mortgage can be a challenging and frustrating time for most people.
Do not allow your financial situation to alter your personality and cause you to become negative.
Keeping your mind positive will enable you to remain focused during the mortgage modification process.
Going through a mortgage modification process can be a stressful time for most people.
However, staying organized and supplying all requested information in a timely manner can help the mortgage modification process to go smoother.
Three Common documents that are required for mortgage modifications:
Sources of Income: Provide proof of income (income examples includes: employment income, self-employment income, retirement income and rental income)
Bank Account Statements: Banks, redit unions and mortgage companies will request bank account statements for (checking, savings, money market accounts, certificate of deposits and other statements that verify your assets)
Tax Returns: Be prepared to supply a copy of your two most recent tax returns. For those who filed their tax returns electronically, ensure that you sign the tax returns before submitting to your mortgage company.
If you are behind on your mortgage payments, you are not alone.
Important Things to Remember:
- Many Americans are experiencing financial difficulties and have become delinquent on their mortgage payments.
- Engaging your mortgage company to advise them of your financial situation is the first step to keeping your home.
- There are many mortgage modification programs available to assist hard working Americans who have become delinquent with their mortgage payments.
- Contact your bank, credit union or mortgage company today to start the mortgage modification process to save your home.