Many people in US now a days are facing financial crisis.
The reasons are many - loss of the jobs, business losses, lower stock market, etc.
The cash flow has reduced and the people are forced to surrender to the foreclosures or declare bankruptcies.
You can save all that pain if you opt for loan modification on time.
How to fill in the Loan Modification Application Form Here are the tips to fill in the Loan Modification form correctly: · First of all do that in time.
The sooner you fill in the form, the more beneficial it will be for you.
· Get all you papers in place.
You must have all the documented proof ready on hand before you submit the form.
Once the bank asks you for these papers you must submit them promptly for your benefit.
· Gather as much information possible in this regard.
The best place to research is the internet.
· Seek for professional guidance from the HUD counselors free of cost or the private ones who charge you.
· You may also seek guidance from the people who have dealt with such cases in your bank before and have succeeded in the same.
· Take a knock of the banks or the lenders policies properly.
· Calculate the debt income ratio and be sure of what amount you can afford as the monthly mortgage payment.
· Write a hardship letter before you fill the form.
Mention there your financial details properly - your monthly income, your monthly expenditure (along with the household expenses) and the reason of your financial crisis.
Also furnish proofs for the same along with the letter - for instance duplicates of your bills, credit card statements, etc.
· While giving your financial details be very honest & candor.
Do not be hesitant and do not hide or misinform anything.