Common Mortgage Modification Mistakes Part Two
Filed under Mortgages
A bad hardship letter: You have to verify your hardship in a modification application, which means you have to be as clear and thorough about why you can’t pay your mortgage. You need to attach details of the events that lead to the hardship. Don’t forget to back every claim with documents and as much information as possible.
Incomplete Documents: Lenders are willing to wait for documents that are necessary to verify all your claims, so waiting for documents will delay a modification like nothing else. Make sure you give the lender everything they ask for on the initial communication so that the process isn’t delayed more than it has to be. Also, a very important thing to remember is that you need copies of everything you send them, just incase something is misplaced. The lender wil most likely ask for additional information, make sure that is given to them quickly.
Not Having Help: If you’re thinking about saving some money and not paying an expert to do their job, you’ll probably end up paying more in the end to get it fixed. Making a few mistakes could literally cost you the house you’ve so long waited to own and have been paying for. Be careful and always get the help you need.
