July 3rd, 2010 by Reed Allmand 
Many homeowners facing foreclosure are finding it difficult to convince mortgage lenders to modify their mortgage so that they can save their home from foreclosure. Below are a few tips on how homeowners can increase their chances of winning a home mortgage modification and avoid foreclosure:
- Do not submit an incomplete mortgage modification application if you plan to have a serious chance of fighting foreclosure. Incomplete mortgage modification applications may be put aside and never make it through the review process, making your fight against foreclosure that much harder.
- Label all of your documents that you submit to the mortgage lender with your name and loan number. Many mortgage lenders receive thousands of applications from homeowners desperate to fight foreclosure. Labeling your mortgage modification application documents makes it easier for reviewers to identify you if parts of your application become separated in the process. We’ve all heard the stories of lost documents, don’t be a victim.
- Make sure that your mortgage modification does not include scratch outs and illegible print. Submit a modification application that is clear, easy to read and in pristine condition.
- Be open and flexible to mortgage modifications that may not be ideal but that will help you avoid foreclosure in the long-term. While the HAMP program is the most widely known foreclosure prevention program to date, it is not the only one. Some mortgage lenders may offer other types of modifications that may do just as well in helping you avoid foreclosure.
- Make sure that you sign and submit to the mortgage lender your IRS Form 4506-T which allows the mortgage lender to access your federal tax return for the purpose of verifying your income. One of the biggest reasons for the rejection of a modification for otherwise qualified homeowners is that the mortgage lender was unable to access proof of the applicant’s income.
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
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