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What to do if you are denied a loan modification

There are several reasons why one may be denied a loan modification. For one there may just not be enough time before the scheduled foreclosure date. Another reason is that you may have too much surplus at the end of the month. If this is the case they will most likely direct you towards a repayment plan. Another reason for denial is if you have already had a loan modification, most lenders will not approve more then one.

If you are denied a loan modification, there are still options. Try working with an agency or housing counselor, which specializes in working with lenders to attain a loan modification. Although there may be a fee involved it can be worth it, as these people may know more tricks of the trade. It is also important to show your lender that you are trying to get this resolved. If you have any assets you may consider selling them, even if you only gain a small amount of money it will still show the lender that you are trying. If you have a hardship situation you should be sure to stress this to your lender. Hardships include an illness or injury, which is preventing you from working, an unexpected job loss, unexpected disaster, or anything else along these lines. This may help you stand out from everyone else who is trying to receive a loan modification.