What Types Of Mortgage Loans Can Be Modified?

If you have ever taken a moment to think back to when you took out your mortgage loan you will probably remember that there were certain types of loans available. There is a conventional loan, a government loan, a VA loan, FHA options, fixed rate, and variable rate loans. All of this was probably pretty hard to make sense of when you bought your house, and if you are considering seeking a modification of your mortgage loan you may also be wondering if the type of loan you have makes a difference. But perhaps a better question would be to ask what it takes to get your mortgage modification approved, regardless of the type of loan.

Banks have the ability to modify your mortgage loan, regardless of the loan type. However, it does take some doing, and here are some good tips on how you can make sure your request for a mortgage loan modification goes smoothly:

•         Be sure to fill out the application entirely the first time, and with accurate information. If some of the data being requested sounds foreign to you, give us a call. We can help you make sense of what is being asked and make sure that the answers you provide are complete.

•         Provide all the documents asked for, and keep track of when and where these documents were sent. A mortgage loan modification is a paper intensive undertaking, and we can help by presenting the things needed for you, and keeping them organized.

•         Stay on top of the request, because many lenders will let your application sit or fall through the cracks if you are not in constant communication. This is also a place where we can offer help, by doing all of the follow up for you and making sure the lender treats you properly.

It is hard to be in a position where you cannot make your house payment, and wonder if your family will have to move. If this is your situation, call us today. We will let you know what will work best for you, and then will take whatever action is needed to keep you in your home.

If you have more questions about mortgage modifications, contact us today at www.law-ri.com. We will help you come up with solutions that work for your family, and have multiple locations where we schedule appointments so you can make a choice that is convenient for you.