The key factor in filing a successful loan modification application will be convincing the lender that you are suffering from a hardship that will be resolved if your mortgage payments are modified.
A hardship may be described as a significant cause of suffering, particularly in a financial sense. Job loss, demotion, divorce, death or illness may all be considered hardships, depending on your particular financial situation. Loan modifications are meant to help borrowers with real hardships recover from their losses and get back on track. It is unfair for a borrower to face foreclosure due to hardship; this is the entire reason the loan modification process was established.
To apply for a loan modification hardship, you must prove to your lender that there is a valid reason for your decreased income. You must write a letter to the lender that explains, in detail, the loss of income. You must complete a hardship form online or send it to your lender through the mail. You may need to provide your lender with specific financial documents, including copies of the past two years' tax returns, two most recent bank statements and last two pay stubs.
Loan modification may be just what you have been looking for to lower your monthly mortgage payment and therefore avoid defaulting on your loan. It may be the answer to prevent foreclosure. It is highly recommended that you approach this process with the guidance of a skilled professional who can ensure all the paperwork is properly filed and that your rights are protected every step of the way.
At the Long Island law firm of Jacoby & Jacoby, the team is committed to helping borrowers throughout the area with their loan modification,
foreclosure needs. Learn more about the firm's services in this regard and discuss your particular case and concerns by contacting a
Long Island loan modification lawyer at the firm today.