Denied Loan Modification: What is Next? - PowerPoint PPT Presentation

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Denied Loan Modification: What is Next?

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  1. Denied Loan Modification: What is Next?

  2. Denied Loan Modification: What is Next? Home owners are applying for loan modifications in record numbers. Numerous factors have triggered poverty which make paying their monthly mortgage loans troublesome or even impossible. Many have systematically gotten loan modifications approved. But, what should you do if your loan modification was denied? Sad to say , that happens a lot. If you are denied, it is not the end of the world. You may feel depressed and defeated, that's okay - that's normal. But now you have to try and shake it off and roll up your sleeves.

  3. Figure Out Why Your Application Was Denied There may be several reasons why one homeowner is denied while another is not. You really need to get hold of your lender and ask why. You may not get an answer the very first time you call. Keep calling until you obtain the right information. Let's look at a few common explanations why a house owner can be denied and subsequently step to take in every predicament.

  4. If You've Been Denied Resulting From Lack Of Proper Documentation This really is easily rectified. Find out precisely what documentation was missing from your application. Verify that you are clear on what is necessary. Then find whatever documents you were missing and re-apply.

  5. Your Lender Denied Your Loan Modification Application Because Of Your Income It's common for a home owner who has lost their employment to try to get a loan modification. Without having income, they are struggling to make their regular home loan payments. A lender could deny an application caused by too little income. In this case, try getting work elsewhere immediately. In challenging times that can be easier said than done. However , if you're working to stay in your house and earnings are an issue, you've got to try and find work. If that isn't an option, ask people in your household with incomes to try to get the loan modification with you. In this way you may use their salary when you apply again.

  6. Hardship Letter Not Acceptable If The lender tells you that you were denied resulting from something you wrote in your hardship letter - it's time to get pen and paper and start yet again. You need to be able to back up your hardship claim with documented proof. Ask your lender what was the issue with your hardship letter. If it was paperwork, discover what you skipped and include it when you re-apply. Ensure that your circumstances is eligible as an acceptable hardship before you apply. • Divorce • Death of a spouse or other family member • Job loss • Excessive debt • Medical Bills

  7. Hardship Letter Not Acceptable These are merely just a few hardship situations that are regarded acceptable. Confer with your lender or a loan modification companies for additional info on this. Keep your letter to one page...two at the most. Once you've rewritten your hardship letter, you can then reapply.

  8. Denied Considering That The Expenses You Declare Don't Add Up If you're sure your figures in relation to your claimed expenses are correct and that you should qualify. Ask your lender if you're able to speak to them and review your documents line by line. Lender representatives are only human and humans get some things wrong. Especially when it comes to calculating fiscal reports. Ask them to offer you precisely where the problem is. Then look at it again with a fine tooth comb. If you indeed find an error, make the required modifications and then reapply.

  9. Denied Considering That The Expenses You Declare Don't Add Up Now you have a good suggestion of what to do if the loan modification was denied. You also understand that there are numerous solutions to repair the problem and re-apply. The good thing is, there is no limit to how many times you can apply for a loan modification. The old saying," If at first you don't succeed try try again" cases like this should be..."If at first you don't succeed try try again and again and again!" You've spent considerable time and energy collecting documents, writing your hardship letter and doing all you needed to apply. Getting denied happens, but that does not mean give up.

  10. Denied Considering That The Expenses You Declare Don't Add Up If you want help, consider a loan modification service to help you correct the difficulties that got you denied in the first place. You worked hard to buy your you must be ready to work even harder to keep it.

  11. I trust this has been helpful for information on loan modification, and of course you will discover more on the website itself at, why not go there now and try them out.