| Although the thought of applying for a loan modification | | | | go with a service company, you will need to complete |
| may seem like an insurmountable task, don't give up | | | | an authorization letter along with financial information |
| before you even start. Hopefully this article will relieve | | | | forms, a hardship letter, service agreement with the |
| some of that imaginary burden. While this article is | | | | servicing company, and copies of two year's tax |
| intended to show easy steps to get approved a loan | | | | returns, W-4 forms, bank statements. and W-2 forms. |
| modification by Bank Of America, you can follow | | | | The experience of a service company can be |
| these steps with any bank. | | | | valuable when compiling information to be submitted to |
| Yes, you do have a choice: you may choose to do it | | | | the lender. |
| yourself, or hire a loan mod service to do it for you. | | | | The elements necessary for a successful submission: |
| Caution must be exercised in choosing the service | | | | time to be spent over the phone with the lender; all |
| company in regards to reputation, past success, and | | | | forms completed fully; all documentation provided as |
| service fees. It is best not to pay any "up front" fees | | | | needed; and patience until the lender gives its final |
| to a service company, but, rather an agreed upon | | | | decision. Many individuals find the process to be an |
| amount once the modification has been approved by | | | | ordeal that they are not able to endure. If you are one |
| the lender. Why would you want to consider a service | | | | so inclined, then perhaps hiring a service that is |
| company? The factor here is time. It does take a lot | | | | reputable with reasonable fees due only upon lender's |
| of time to contact a lender and its appropriate | | | | approval may be your solution. |
| department and then the proper person to speak with. | | | | Be sure to gather the following information: hardship |
| It takes an average of 10 to 15 minutes to get | | | | letter; income and expense sheet;last 2 months of |
| connected to the right person every time. | | | | bank statements; last 2 months of pay stubs from |
| Another consideration to be made is the completion of | | | | your employer; last 2 years tax returns along with |
| the submission package to the lender. If you elect to | | | | W-4's. |