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Loan Modification Lawyers Near My Location In New York
Fundamental Conditions Set For Home Loan Modification Consideration
Financial challenges arising out of harsh economic environment affect many people repaying their mortgages. This has led to the creation of a home loan modification scheme that gives your relief by reducing your repayment amount. The new terms are lenient and manageable under the harsh economic environment.
Any applicant must first prove that the house in question is his or her primary residence and is living there. Another requirement is that such a loan must have originated on dates before 1st January 2009. The highest mortgage amount that can be reconsidered is 729, 750 dollars.
Borrowers who qualify must have their repayment amount exceeding 31 percent of the gross monthly income. A repayment amount that is less that 31 percent is not considered. Only borrowers who have experienced a reduction in income and thus going through difficulty can benefit from modified rates. The evidence produced in this case ranges from joblessness to reduced wage.
The loan modification application form must be accompanied by income declaration documents. The documents include financial statements that indicate your income and expenses on monthly basis. These documents help the bank in making a decision on eligibility. Such a document should thus be prepared by an expert who understands financial declaration and the definition of disposable income, among other issues.
The lender requires you to make a personal statement that includes giving your name, employment details, social security and dependent details. Leaving blank spaces and giving incorrect information will only delay your approval. A submission form acts as the loan modification request letter.
The bank demands a compelling explanation of why the current amount is unaffordable. This evidence will be given through the hardship letter that must also include evidence that you are doing everything possible to retain the house by repaying the mortgage and improving your financial status. The hardship letter must be very convincing to the bank.
New rates of payment must equal 31% of gross monthly earning for the applicant. To achieve this new and low figure, the bank might be required to lower the interest to 2% or less. The terms of repayment may be extended to forty years or the principal balance deferred. The new rates are provisional for a period of ninety day to test your commitment to making repayments.
The reduction in repayment comes with strict terms and conditions that must be met before submitting the forms to the lender. Financial statements that are in order assist the lender to hasten your consideration. Ensure that your form contains the correct details since once submitted, the forms cannot be altered and thus your fate is sealed.
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