What should I include to get the most out of my mortgage modification letter?
April 17th, 2009
MANDY asked:
Like most all Americans we are having trouble making ends meet. My spouse is the bread winner and he is a commision based employee and since sales are down so are the paychecks. I am in the process of filing out a mortgage modification letter and getting all the necessary paperwork but wanted to know if there is anything that is especially important (besides the lower paychecks) that will get us the best results for the modification.
Thanks so much! 2009 has got to be better
right?
Like most all Americans we are having trouble making ends meet. My spouse is the bread winner and he is a commision based employee and since sales are down so are the paychecks. I am in the process of filing out a mortgage modification letter and getting all the necessary paperwork but wanted to know if there is anything that is especially important (besides the lower paychecks) that will get us the best results for the modification.
Thanks so much! 2009 has got to be better
right?
First. Make sure you’re honest. A lot of people seem to think that if they put a lower amount for income, that they will get a better Mod. This is not true. The mortgage company wants to see that you are not to far in the red and that if you are given a mod, you will be able to make the payments…. Also, depending on your investor, the mod may not lower the payment a great deal. The most common Mods right now are either lowering the interest rate or extending the life of the mortgage. Just include everything that the package ask for and know that he may take a month or so to hear back after you send in the paper work, depending on who is servicing the loan.
Best of luck!!