One of the things that you can do to save your home from foreclosure is to request for a Long Island loan modification. Here, you will be negotiating with your lender to make changes to the terms of your loan to make it easier for you to pay the monthly dues. The change may be temporary if you believe that you can recover from whatever financial downfall you are currently experiencing or you may ask for a total restructuring of the remaining balance of your loan, which often results in a longer term.
Although many lenders will agree to a Long Island loan modification, it is not a quick and easy process and there is always a chance that your request will be denied. To increase your chances of success, here are some things that you can do.
First of all, ask the right questions. When you approach your lender, ask exactly what documents you will have to submit as well as the necessary steps in processing your loan modification. You would definitely want to do things efficiently and the best way to do that is by knowing the “how to’s” to avoid going in circles.
Next, complete your requirements. Lenders have different requirements. Some can be so meticulous while others may not be so. The most common documents they do ask are proofs of your income, your current account statement, your tax returns, loan statements, and other documents that will help them verify that you are going through financial hardship and that your current income is not sufficient to cover for your mortgage on top of your monthly basic expenses. Failure to comply with all the requirements may just put your application at the bottom of the pile.
Third, be organized. Keep a journal to record the things that you have done related to your request for a Long Island loan modification, such as when you called their office, when you submitted your requirements, the responses given to you, and schedule of meetings among many things. Place labels on your documents so that it will be easy for you to locate them when the lender suddenly asks for copies. When you submit your document, also make it a point to ask for a confirmation of receipt. This will assure you that your papers safely arrived in their office and are ready for review. Furthermore, only submit copies of your documents unless the lender specifically asks for an original copy.
When applying for a loan modification, being persistent really pays. If you do not hear from your lender, call them. With the number of requests that they often get, your request may not be noticed unless you regularly remind them. Of course, too much persistence can also be seen as pestering, which is why you need to keep a record of your calls to ensure that you make them regular yet not too frequent.
Next, be humble when you are talking to your lender. Remember, you are merely requesting here, so being arrogant or demanding will just work to your disadvantage. Watch your tone and conduct your negotiation in a calm manner. You can always get your message across without the need to raise your voice.
As a final tip, consider hiring a Long Island loan modification lawyer. His fee might cost you a considerable amount, but his expertise can really make the process of applying for a loan modification easy for you. If he has worked with your lender before, then it will be more beneficial for you since he already knows who to approach and what exactly are the necessary steps to get things done.
By following these tips, you can certainly increase your chances of getting that modified loan plan and be able to save your property from foreclosure.