Loan Modification Q&A - Top 10 Questions Answered- Question #3 - Can anyone qualify for a loan modification?
The most important factor your bank/lender will be concentrating on is your capacity to make the new personalized payment from now on. You're required to furnish the bank/lender with proof of your income (paystubs, W-2's, etc.,), along with a comprehensive and accurate financial worksheet (I have these available for you) detailing your income and expenses to make clear to them that if approved for the modification, you will be capable of having the funds for the new, lower payment. This part that is crucial to your success in obtaining a loan modication.
If you've gotten this far and have been denied the loan modication then you are a candidate for a short sale.
Contact me immediately as you only have one option in this case!
If you missed the previous article Question #2 - Will my bank include late fees in my Loan Modification?click here.
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Disclaimer: The above Real Estate information was provided by Vincent Martinez, Realtor for the #1 Real Estate offices in New York and the #4 office in the USA. Vincent Martinez is a Certified Realtor Short Sale Professional by the Long Island Board of Realtors (L.I.B.O.R.) and a member of Prudential Douglas Elliman - Licensed Real Estate Broker. Vincent Martinez does not guarantee or is any way responsible for the accuracy of the information in this blog post and information provided is without warranties of any kind, either express or implied. Information here represents the opinions and ideas of the author; comments by others may not express the views of the author. Copyright © 2008 By Vincent Martinez, Can anyone qualify for a loan modification? All Rights Reserved.
