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With the way today’s world economic situation is it is not uncommon to find homeowners that are having difficulty making their monthly mortgage payments. Sometimes it is almost impossible for them to make the monthly payments. This is where a hardship loan or a hardship loan modification can help.
What Is a Hardship Loan?
Because many people have applied for a loan and been approved for a loan it does not mean that there will come a time during the repayment period that they will have a difficult time paying the money back. The borrower may find themselves in a situation where they have lost their employment, had a cut back on the hours they are working or have other family situations that will cause their financial situations to change. When this happens they find themselves in need of help where their loans are considered. This is most common in a mortgage loan situation. A homeowner who is having this difficulty will be able to get help with a loan modification through a hardship loan and help to save your home from foreclosure.
How It Works
When in the process of a hardship payday advance loan many people will ask how this type of loan can help their situation. Most of the time, they will find themselves working with the lender to have the loan rewritten. This will usually involve have the interest changed. Of course the interest rate will be lowered by a substantial amount.
The process can begin with the homeowner contacting the loan company. They will need to explain their situation to the agent on the telephone. Most agents will be understanding and will explain the process to the borrower in simple terms.
The next step will be completing a loan modification letter and having it sent to the loan modification lender. The letter should contain all of the reasons why the borrower is in the financial shape that they are in. It should explain if there has been a job loss or a disability or any other reason why they are no longer able to meet the payments.
The lender will begin researching to find out of the borrower will qualify for a hardship loan under the laws of having a loan modified. Of course the homeowner should be living in the home before this process can begin.
Once the review process has begun the loans for bad credit lender will sometimes request specific information to see if the borrower will qualify. When going through this process the borrower should have ready to give to the lender all proof of income for the past year. This should include all income information for all individuals who are on the loan. Other information that should be proven is residency in the home and any evidence
or documentation that the borrower’s income has changed.
Once a borrower is approved for the hardship loan they will continue to receive the advantages of the modification for several years. This will come mainly in the form of the interest rate. Of course this is a great thing to have because it will allow for your credit score not to plummet as well as relieving the borrower of the stress that the higher monthly payment causes every month.
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