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You’ve handled tax forms; you’ve filled out car applications, job applications, and credit card applications. So a loan modification is just another application of sorts, so you think, with perhaps a bit more paper work involved. How hard could it be? Ask yourself this question: Do you know your DTI “debt to income” ratios? You’re Net Present Value (NPV) and how to structure it? What about organizing and keeping track of all of your final loan modification papers to ensure that nothing is left out? Not quite like applying for a car loan, there’s more to consider and more to keep track of, especially because it’s your house on the line. When you apply for a mortgage loan modification, your financial history is the single biggest piece of the puzzle; otherwise, what would be the point? Mortgage lenders have established guidelines for approving or denying loan modifications and when you apply for a modification on your own, without the help of a foreclosure defense attorney; you are hanging over a cliff on a string. In order to handle a loan modification on your own, you need the knowledge to understand what the mortgage lender is looking for on the application, how to negotiate with the bank and what they are looking for in other budgets such as your cell phone or grocery bill. 5 Mistakes Homeowners Make When Applying for a Loan Modification on their Own 1. Your income is calculated or listed incorrectly. Lenders have specific guidelines on income and the numbers must align. Self-employed homeowners should be very concerned about this and need to hire professional help to ensure the loan modification requirements are met. 2. Disclosing income that isn’t supposed to be considered for the modification. 3. Documents have not been submitted to lender in time. 4. You’re not able to keep up with documentation demands. The banks need updated paperwork every month and sometimes they need the documents again because these documents have been “lost”. 5. Hardship is not explained correctly according to the banks guidelines. If you try filing for a loan modification on your own and documents are late, filled out incorrectly or if they don’t meet the requirements of the bank, your loan modification could be denied. Think long and hard about the ramifications of going alone on a loan modification, or you could put your home and your financial situation in more trouble than they were to begin with. Hiring a foreclosure defense attorney will allow you the peace of mind to know all negotiations will be settled promptly and all paperwork will complete in the correct format. Want to find out more about Loan Modification Foreclosure , and then visit Harris Symonds site on how to choose the best Foreclosure And Loan Modification for your needs. More details: - http://amerihopealliance.com/
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