The best home loan advice would recommend you to consult the most experienced attorneys to get a loan modification approved in your favor. Though, one of the most crucial factors deciding the success rate of your renegotiation request is choosing the best Law firm, but besides this, there are several other points that need to be considered by you. While the following information may not guarantee a successful loan modify deal, but it would definitely help you to sail through the difficult phases:
1. Work out your actual financial conditions and fix your new loan modify deal according to your current financial goals. You can easily workout your actual expenses by using a financial spreadsheet program like Quicken that would help you establish where all your money is going. Ensure that your proposed repayment terms are based on your ‘real income’ otherwise you might fail again to fix your modified payment deals leading to foreclosure Car Loans.
2. Ideally, your modified loan payment term should not be more than 31% of your gross income. If you stick to this figure, it will be easier to make the new rescheduled payments on time.
3. Before you Get a Loan Modification application on the tables for negotiations, ensure that your modification request is assigned to a “Negotiator” within the bank and not just a collector whose job is simply to try and collect money. Try to get connected to the “loss mitigation department” of the Bank, which especially deals with new renegotiation requests. The officials of this department are authorized to allow discounts and leverages for fixing modified deals. Therefore, you will definitely get the best home loan advice and help from them.
4. Ask the negotiator from the loss mitigation department of the bank to discharge all the past payments and late penalties. Tell them that you will not be able to pay any due payments, late fees, origination fees or any other garbage fees. Insist on settling all the past scores and starting the new deal with reduced principle.
5. Remember that you are here to get a loan modification approval as your current financial conditions enable you to pay the existing installments. For reducing the amount of the installment, you can ask the negotiator to increase the number of years for the new terms. This would considerably bring down the amount of your installments and help you fix a lower installment amount. The shorter the loan repayment term is the higher would be the installment amount.
6. Insist the negotiator on reducing our principal loan balance. If you owe more to the bank on your property than the current market value of your home, there are chances that the negotiator might approve of reducing the principal amount of the loan.
You can consider appointing an appropriate modification attorney, who is experienced enough to handle a Loan Modify deal that would work in your favor. Commercial Loan Solutions is a leading Law firm that can help you settle the best mortgage deal.