With the news stories, internet statistics, and neighborhood visuals, it can seem like a mortgage modification is merely a dream. But getting a mortgage modification is in fact possible, and here are a few tips on how to set yourself up for success:
The Plan for Success
First off, you need an expert. When pursuing a mortgage modification, it is pretty much impossible to do it on your own. The rules, regulations, and qualifications for getting a mortgage modification are so confusing and vague that you will need someone who knows what they are talking about. Don’t risk your mortgage trying to do it on your own.
Secondly, you are going to need to complete all the required paperwork and forms. In order to receive a mortgage modification, you will need to provide pay stubs, budgets, hardship letters, and other important financial documents.
The third piece of advice is to make sure you are asking for a plan that will work. There are a few different types of mortgage modification plans that you can pursue. A forbearance allows you to skip payments when going through a hardship, and a repayment plan will allow you to tack on extra payments to your mortgage each month. There is no sense in getting a mortgage modification if the plan doesn’t work for you over a sustained period of time.
The fourth tip is to be persistent. Don’t give up when you are initially denied or asked to resubmit painstaking documents. It is all part of the process and will be worth it when you finally get your mortgage restructured.