More and more Americans are looking for a way out of what seems to be an insurmountable debt load. The answer for many is Stamford loan modification. However this process can be challenging for many. If you are considering a loan modification you need to be sure to get the best advice possible that will help you get both the lowest possible rate and save you the most time. The guidelines are changing everyday and its important that you're working with someone who is on your side.
The Obama Administration has recently created incentives for banks to work with homeowners who could be at risk in the future of losing their homes to foreclosure under the Home Affordable Modification Plan. Its important that you understand what considerations are made by lenders in order for you to qualify as a homeowner who is "at risk". Some of those circumstances include death of spouse, illness, job relocation, military service and divorce just to name a few. The most important consideration however is you continued ability to make a payment in the event that a modification is made. Some aspects of this program that you may not be aware of are:
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1. A 3 month trial of the modified payment must be given to those approved before the modification is considered permanent.
2. Your Stamford loan modification must be approved or declined within 30 days or less.
3. If your application is declined you must be given options to help you avoid the foreclosure process.
The first step in starting the process is to submit a hardship letter written in the proper format outlining your current income, financial circumstances and what has led you to be in your situation of the present. Its important that the letter be compelling and be the proper length. Knowing what to include as a financial fact is very important. Getting a knowledgeable professional to help with your loan modification can be challenging as there are a large number of companies who are only seeking to collect money from families who are in trouble and desperate for solutions.
Applying for a Stamford loan modification is not an easy process and although you may have found articles that would lead you to think otherwise, I must advise you not to do so. If you're in danger of losing your home this is probably not the best time to play "do-it-yourself". If you decide to work with us on your Stamford loan modification we you will be guided through the following steps:
1. You will work with a Stamford loan modification specialist that has the knowledge of the new laws and regulations regarding the Stamford Loan Modification Program.
2. We will notify your lender that you will be filing for a Stamford loan modification and you should receive an acknowledgment within 10 days.
3. We will discuss all your options regarding your ability to avoid foreclosure of your home or bankruptcy.
4. We will help you to prepare your Stamford loan modification application correctly and will negotiate with your lender on your behalf.
Receiving a reduction in a mortgage payment can be a life changing solution for many families. First and foremost through your efforts you found a way to stop foreclosure and protect your home. The loss of a home can be devastating to a family and it is important to recognize that you are taking steps to protect your home and your family.
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