Think about loan modification

Mortgage foreclosure can be considered as the race against time. On the other hand the loan modification is a much slower process. But this is also true that as much as you wait your options will also decrease. But all the lenders do not have experience of modification. Even the experience attorney can take month.

But you should not sit idle you can do some things which can speed up the process. Once your process is started then you should follow the steps.

Done proper paper work: It is not impossible for the lenders to lose your application and your process gets delayed. You must have the documented proof of your application and you should keep it in the file so that you can find it out easily whenever required. The documents should include the calls from your lender and attorney, the transaction details.

Prepare your financial sheet yourself: The main basis of loan modification is financial stability of yours. So better you make your financial sheet by yourself. It is also true that there is a prescribed format of the lenders but still prepare the sheet so that you can present it to the lender whenever required.

Provide perfect details: It is important tom provide more details. You should provide as much as information because it will reduce the chance of your frequent visit to the lender.
The proper loan modification sheet should include the following

• Information about your contact ( address, phone number, email etc)
• information about the valuation of your property.
• Your income structure.
• Details about your additional expenditure.
• Estimated values of your real assets.
• Current liability position like loan.

Other than these you should keep the current bills as this will provide the perfect financial informations. And you need to keep it updated.