Here at Newsite Real Estate, we do realize that bad things happen to good people. With the state of the economy here in Michigan, just about every other homeowner is in need of foreclosure help, that is to say that as a homeowner you are not alone in this dilemma.
WORKING WITH YOUR LENDER
The Loan Modification Process
We understand the frustration homeowners experience when they try to negotiate with their lender in good faith. Newsite Real Estate is the answer to negotiating with your lender and finding a solution to your mortgage problems. That's why we've taken the time to break down how the loan modification process works. We want to give you first hand knowledge on how we proceed to help homeowners in need.
We want to talk with you to determine which loan modification program is right for you. If you are having trouble making payments, have an illness that is affecting your ability to work or suffering financial hardship, we want you to call us now (313) 270-2900. We want to help!
Your financial statement will help us determine which modification is right for you. Your lender will also request this information as part of a requirement for loan modification approval. Below are the items you will need:
- Proof of Income (W2, bank statement, pay stubs, rental agreement)
- Hardship letter (Document addressing why you have fallen behind on your mortgage)
- Recent mortgage statement or coupon
- Bank Statements (2 months)
- Last two years tax returns
- Self Employed homeowners must provide us with the last quarter financial statements and 2 years Profit and Loss tax forms.
Your hardship package will be reviewed by our team and submitted to the lender for approval. We will continue to negotiate on your behalf until there is an acceptable agreement between the lender and the homeowner.
Phase 4 - LOAN MODIFICATION APPROVAL
You lender will send a final loan modification package to you once it has been approved. Some loan modification options require that you have at least 2 months reserve others may required no payment. We will let you know as soon as the negotiation begins whether you are required to make a payment to your lender.
This process can take anywhere from 30 to 90 days depending on your lender. We ask that you have patience while we work diligently with your lender.
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