Your monthly Income
Bonuses, salary, other sources of income over a two year period and employment will be look at in detail, so make sure that when you arrive at your appointment with your lender that you have all the necessary paperwork with you. These may include:
You will probably be asked for any paperwork that shows and interest you have and any dividends you have received over the last two years. Be sure to ask your lender exactly what information and paperwork they will require.
If you have any other official documentation such as papers showing child support or alimony etc.
Your employment history
Being stable within your job is very important when a lender considers your application for mortgage assistance they will be looking for at least two years of employment or whether you are currently in a job. Changing jobs frequently will not help your application but if the change in jobs is in the same type of work this should be okay and even more so if the change has increased your income or enabled you to progress within the company.
This is one thing that many people dread but unfortunately it is something that all of us have to go through in order for lenders to consider you for mortgage assistance. Unfortunately what this does is tells the lender if you will be able to keep up with the repayments written out in the terms of the loan and just how much of a risk you may be.
Any personal assets
Savings check and bank accounts will be taken into consideration as well as bonds and stocks etc.
Loan Modification Specialists has over 10 years experience of which thousands of Foreclosure cases have been prevented.
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