One of the most asked quistion is how to get home loan now adays. Home ownership is one of the great American dreams, but paying for that home is often difficult when things go wrong and your credit rating is damaged through no fault of your own. The good news is that even with bad credit you can often get that desperately needed home improvement financing!Thinking about buying a home? check this tips to find home loan :
Overview
When economic hardships abound, with individuals losing jobs or being "underemployed," the family home is often placed in jeopardy. People who entered into 15- or 30-year mortgages with the anticipation of being able to make monthly loan payments find themselves falling behind. Lenders who are unable to collect funds from homeowners initiate foreclosure proceedings. For many families, the only way to keep their homes is through loan modifications, in which their monthly payments are decreased through an extension of the loan period or some other adjustment.Step 1
Write down a detailed record of how much income and expenditures you have per month. Figure out what percentage of your income is used for your house payment. List your assets and debts, including those from credit cards.Step 2
Compose a letter to your lender describing your hardship. In this document, you will disclose all the financial information you gathered previously, along with any information regarding changes in your financial situation. These changes could include loss of employment, illness, divorce or natural disaster. Try to keep the letter to one page by being concise, but fully covering your situation.Step 3
Step 4
Send your packet by certified mail with receipt requested. Address the packet to the loss mitigation department.Step 5
Initiate contact with your lender by phone. Ask for someone in loss mitigation. Let him know your situation and that you have sent a packet to them. Write down the date, time and name of the person you spoke to and details of what was discussed. Keep this record in a file with your home loan information.Step 6
Follow up with your lender after receiving the mail receipt that your packet was received. Ask him if a decision regarding the modification has been made and, if not, when it is anticipated. Again, document information about who you spoke with and what was said.Step 7
Be persistent until you obtain a decision. Ask the lender what you can do to help the process along. Always be polite and reasonable, even if you don't always get the desired information.Step 8
Get legal help if your modification is initially denied. Contact an attorney who specializes in real estate. A professional may be able to negotiate terms you are unable to obtain.