Loan modification application
The biggest mistake by far when it comes to loan modifiaction applications is neglagence. Mainly in the form of not preparing financial documents correctly.
The most important thing you can do to improve your chances with getting a successful deal done is to prepare well and to know what you are doing.
Make sure you know exactly how much money you are taking in each month! Why? Because a new rule states that you cannot make payments over 31% of your monthly income.
Make sure you know exactly how much money you are spending on your mortgage each month and how much you are spending on other things, and what you are spending it on! If you have any room to cut down your budget you need to, every penny counts. This is not the time to get loose with your budget.
Your loan modification application and you modification in general will go over well as long as you prepare well!