Loan Modification Process


Loan Modification Process for Quick Approval

Loan modification is a process in which terms and conditions associated with the existing loan are modified or re-written to make the loan more affordable to redeem. The loan modification process typically results into a reduction of the interest rate charged on the loan, or an increase in the loan repayment time by extending the loan term, or the process can help the applicant avail a major change in the terms and conditions associated with the monthly loan repayment schedule. Alternately, the process can also include all the three factors – reduced interest rates, extension of the term, and rescheduling of the repayment conditions. The main purpose of the home loan modification process is to make the loan more affordable to repay so the applicant can successfully pay off the loan.


Loan modification processing typically includes an agreement with the lender which helps the borrowers in availing long term solutions to pay off their existing mortgage loans due to a particular hardship. The lender would be ready to cooperate with the borrower and provide the modification on account of the hardship, since he or she would like the borrower to pay off the loan in totality and prevent any financial loss from occurring. The hardship can be temporary or permanent in nature, but it’s important for the borrower to prove the hardship.


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loan modification information

The hardships which can help you avail the benefits of the mortgage loan modification process can be:

  • Your Adjustable Rate Mortgage (ARM) might have reset, resulting into an increase in your monthly payments
  • An illness to yourself or your family member
  • A loss or reduction in your income
  • A change of job, or a job loss
  • Damage to your property
  • Inability to sell your property
  • You suffer a big loss in your business, or your business has failed
  • Your job has been reallocated
  • Your spouse or a family member has passed away
  • You have been imprisoned
  • You have been divorced or separated

As a loan modification processing company, MortgageITT unlike many other loan modification companies, offers specialized counseling and help in determining your specific hardship.


Stop Foreclosure Through MortgageITT Loan Modification Processing and Save Your Home

MortgageITT has successfully helped thousands of debtors in availing their loan modification through a specialized mortgage loan modification process specially developed by the company. Unlike other loan modification processing companies, MortgageITT starts the actual loan modification process by determining and evaluating your particular hardship, and work out the most suitable and effective method to negotiate with your lender. Our loan modification attorneys will help you prepare a to-the-point and effective hardship letter which is essential for your mortgage modification process. We’ll also analyze and evaluate your assets, expenses, and your income to draft out your loan modification request. It’s important to determine how serious your financial situation is, to come up with the best solution to save your home. Our loan modification professionals will also provide the required counseling so you can successfully come out of debt and avoid debts from occurring in the future. MortgageITT’s loan modification process steps are as follows:


  1. Consultation

    2. Please fill up our online non-binding application form and provide us your contact details so our loan modification attorney can contact you at your convenience and time, and give you a free consultation regarding how to start your loan modification process. The information provided will remain confidential and protected.


  2. Gather financial documents
    3. The process generally needs the following documents:
    • Hardship Letter
    • Income/expense financial statement
    • Most recent mortgage statement
    • Last 4 bank statements
    • Tax returns (Current and previous year)
    • W2 Forms (Current and previous year)

    Once the documents are analyzed, our loan modification experts will propose a loan modification package which can provide you with reduced interest rates and affordable monthly repayment plan, along with favorable terms and conditions.


  3. Negotiations

    4. Our loan modification attorneys and professionals will submit your case to your lender and negotiate until an acceptable and affordable agreement is availed. You approve the agreement before it becomes legal.


  4. Approval

    5. Once you approve, our loan modification lawyers will complete the legal formalities and you get your loan modification.



What you have to do now?

It’s important for us to know about your mortgage details and your particular financial conditions before providing any loan modification solutions. Our loan modification attorney can help you work out your mortgage modification processing activity once you provide us your name and contact details. Please click here to fill up our free and non-binding online application form so our loan professional attorney can contact you and help you out.