Mortgage Modification: Tips to Increase Your Chance of a Mortgage Modification Approval

Are you in Mortgage Trouble? I recently read a statistic that in 2009, 1 in approximately every 40 households received a foreclosure notice from their lender in the United States. Well, we can help you. Karen Kennedy’s law practice is laser focused on helping homeowners negotiate beneficial mortgage modification with their Lender. While she is on the Virginia Bar, there are other states from which she will accept a mortgage modification client with the understanding that no attorney-client relationship exists from those specific clients. At this point she has at least 3 open cases within the Virginia and/or federal system against mortgage lenders alleging violations of TILA & RESPA. Here is a brief description of Karen Kennedy’s legal career.

What You Will Need to Prepare
If you wish to know how to get mortgage modification and stop foreclosure quickly, you have to prove your case. You will need documents to prove your qualifications which include a list of your monthly expenses, records of online payment as well as statements as proof of these amounts. You need to have tax returns documents for the past two or three years.

If you are currently unemployed, you must possess an unemployment award notification letter that lists what your benefits are, when you will start getting them and when they will end. You should have bank statements of the last 12 months. Lenders require pages of the front as well as back, so see to it that you copy both the sides. Other documents related to finance that would be required would be 401K statements, statements of mutual funds, spousal and child support and so on.

How to Increase Your Chances of Getting Approved- If you are employed in a company for more than two years, lenders feel sure that you will get a new job easily. The lender will not think twice before providing you a loan. If you are unemployed but are able to produce a good credit history, lenders will be more than willing to deal with you as well. They will give you the option of mortgage modification as they feel that you can win the mortgage. If you are able to prove that you will be employed within a few weeks or months you have a much better chance of getting a loan modification.

So in summary, the 3 pitfalls above are the three main reasons for denial of a modification loan, but now that you have a firm grasp of them, you should have no problems. In fact, my parting recommendation is that you avoid any risk of denial all together and seek professional help. These professionals speak your lender’s language and have the necessary experience to get your loan modification approved. There are plenty loan modification companies online that will handle your Bank of America loan modification.

Learn more about Obama Mortgage Relief Plan Qualifications.