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What You Should Know Before Trying To GetA Mortgage Loan Modification
Written By Ginger Taylor
http://ezinearticles.com/?Know-More-About-the-Threats-Related-to-Foreclosure&id=3198257Getting a mortgage loan modificationcan be a long and difficult process, butit will be easier if you have some ideaof what you are getting into beforeyou start. Here are some tips to helpguide you through the process of negotiating a modification for yourmortgage loan.First and foremost, always rememberthat the loss mitigation worker isworking against you. His employer isthe bank, and the bank has trainedhim to try to get you to agree to payas much as possible. That is why it'loss mitigation, ' not 'mortgageassistance.' Loss mitigation is thebank's attempt to limit the amount of their losses. They will not give up acent that they don't think they haveto.Prepare yourself thoroughly before you speak to your lender's loss mitigation department.Arm yourself with copies of all of your bills for the past year, both paid and unpaid. Alsohave copies of your pay stubs or other proof of income for at least one or two months. Youmight also be required to produce copies of your tax returns for the past two to three years.If there is a specific hardship that has come up which has impacted your ability to pay, youneed to be able to prove it.Everything the mortgage company mails you needs to be kept in a file. That includesregular statements as well as anything related to the negotiations you are trying to do.Keep even the envelopes. You may need to prove the date something was mailed. Also keepcopies of anything you send the bank, and send it certified mail. Record all of your phonecalls. Sometimes the lender will try to change the agreement on you, so you need to haveproof of everything that has been done.Save up the money you would normally be paying toward your mortgage payments, even if you don't have enough to pay the full amount. When you are finally able to reach anagreement, the lender may require a lump sum amount to start the loan modification. Youcould be out of luck if you no longer have the money available.Most important of all, don't make an agreement that doesn't work for you. The bank willoften make you an offer that actually increases your payment amount for a period of time
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