Negotiating amortgageloan modification allows you to adjust your repayment schedule to meet your current circumstances. When negotiating a mortgage loan modification, you have several options:
- You can negotiate through a government-sponsored program.
- You can negotiate through a service.
- You can negotiate directly with the lender.
If you decide to go it alone, here's what you need to do to ensure successfully negotiating a mortgage loan modification:
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- Have the name of a reputable lawyer at hand, in case you need advice along the way.
- Gather all the pertinent informationbefore开始谈判。这包括你的原因u want to make the modification and a description of the desired modifications [source: Negotiation Requirements].
- Make sure you're financially capable of meeting and maintaining the terms of the modifications. You will have to prove your financial status by providingpay stubs, records of expenditures, a recentbankstatement, and income tax returns for the past two years [source:Mortgage Loan Modification Regulations].
- Ask your lawyer or bank about any laws, requirements or guidelines you should be aware of before beginning negotiations.
- Prepare your terms of negotiations. Be ready to offer the lender a specificinterest rate, monthly payment, number of loan payments, collateral, etc.
- Choose an arbiter. Decide with the lender who to use as an arbiter in case the negotiations hit a snag.
Keep in mind that negotiating a mortgage loan modification is not simple. If you're not 100 percent sure you can do it on your own, it's much better to hire a reputable professional to negotiate on your behalf.
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