If you’re applying for a loan modification, you need to know the types of things your lender is considering as part of deciding whether or not you qualify and will be approved. One of the simplest things you can do to help increase the chances of your loan modification application being approved is to complete the application thoroughly to avoid errors that cause delays or denials.

Keep in mind that mortgage lender requirements vary from bank to bank, so you may qualify for one lender and not another. Don’t be discouraged, keep looking at each lender’s requirements so you know what to expect.

Learn about your lender’s modification requirements before approaching them. This will give you an advantage because you will be better prepared to complete the application and therefore increase your chances of being approved for your loan modification. To determine what your lender’s modification requirements are, first check your lender’s website and they may provide you with the information you need. Otherwise, call your bank and speak to someone in the loan modification or loss mitigation department and ask for this information.

Some lenders have an online loan modification approval process that allows you to submit your application and hardship letter electronically. This makes your paperwork faster and will hopefully reduce the turnaround time needed to qualify and approve your loan. Choose an online submission process or mail your paperwork, but doing half online and half by mail will slow down the process.

Don’t be tempted to exaggerate, exaggerate or falsify your circumstances. Your modification will be denied if it is determined that you provided incorrect information on your application or hardship letter. Be sure to review your application and hardship letter before submitting it because even unintentional errors could lead to a denial of your loan modification application.

Qualifying for a home loan modification is not as difficult as you might think. Most loan modification denials are based on errors in the application or hardship letter. Make sure your hardship letter is well written and accurate. You will have a better chance of being approved if you prepare through extensive research to gain the knowledge necessary to be successful.