Understanding Loan Modifications to Avoid Foreclosure
If you have been afraid of joining the millions of Americans that have fallen into the foreclosure process, it’s time to act now. The foreclosure crisis has hit hard in New York City. Some homeowners are only starting to learn about their options now. Here are a few tips on understanding the loan modification process and why it’s important to work with a professional who is experienced in dealing with one. Going through hardships are sometimes out of our hands, and to be displaced because of it is a tragedy. Premier Real Estate NYC has helped hundreds of homeowners in New York City climb out of the foreclosure process.
What Exactly is a Loan Modification?
Simply put, a loan modification is a way to make a homeowner’s mortgage more affordable. Interest rates, late fees, the length of the loan, and other processes are put into place to help with the monthly payments.
Do I Need Documentation to Submit with My Loan Modification Application?
Yes. Your lender will go into more detail with you. However, some of the documentation you should expect to have included your home valuation are the following: W2’s, bank statements, federal tax returns, and paycheck stubs. You’ll also need to prepare a hardship letter.
Having all the necessary paperwork and completing the application is key to being approved quickly. That is why many NYC residents turn to a specialist like, Premier Real Estate NYC, to help them complete the process.
What Value Can a Loan Modification Specialist Bring to the Table?
A loan modification specialist will not only help you complete your application, but see you through the end of the process. Should you not be eligible, they can help you with other options, such as a short sale. [Read more...]