Are you considering a home loan modification in Lake Worth? If so, you likely have some questions. Here are some of the top questions and lawyers are asked about a home loan modification in Lake Worth:
What is a Home Loan Modification?
A home loan modification is a type of change that you can apply to your home loan. This is a permanent change that will allow the loan to become reinstated. The end result of a home loan modification is that you will receive payments that you can afford.
How Do I Know if I Qualify for a Home Loan Modification?
In almost all cases, the main qualification for a home loan modification is that you will be able to make the modified payment both now and in the future. You will be required to offer the lender a proof of your income as well as a financial statement with all of your financial details. In other words, you will need to show, without a shadow of a doubt, that you can afford the new payment. You will also be required to show that you are currently facing financial hardship.
What Type of Hardships are Acceptable?
Lenders know that each homeowner has a very unique situation that has caused the financial problems they are now currently facing. However, that doesn’t mean that they will accept a home loan modification. Most of the time, they will consider the following as hardships: job loss, divorce, death of your spouse, military service or illness. One of the most important parts of the hardship qualification is a hardship letter that will be presented with your hardship application.
Can I Do the Home Loan Modification on My Own?
Finally, many homeowners wonder if they can do the home loan modification on their own. This is certainly possible, but it is a very confusing experience and unless you have knowledge of the process, it is recommended that you find assistance to help you through the process. Hiring an attorney to help you through a home loan modification is your best bet for a successful outcome. They will be able to explain the process, they will be able to explain your legal rights and will know exactly what it will take to get your application through the approval process. The odds will certainly be a lot better for a positive outcome when you look into a hiring an attorney to help with your home loan modification in Lake Worth.
For help with a home loan modification in Lake Worth, contact the Law Offices Of Sean I. Koplow.
