Obama’s new loan modification program has simplified Washington Mutual loan modification process also. People who have tried in the past years must be aware of the difficulty in achieving a loan modification. Even if they were assisted by an attorney it was almost impossible to get approved for one. But thanks to the steps taken by the present government, today both the borrowers and Washington mutual are trying to avoid foreclosure and hence new loan modification options are being made available for the borrowers.
Now the situation is that any kind of loan is subject to modification under Washington mutual on request. Both adjustable and fixed rate of interests are included here and you can get your loan modified exactly at the time when the rate of interest is being adjusted at a very low rate. If your home is undergoing foreclosure, you can apply and get the mortgage modification from Washington mutual and as soon as the decision is made, the process of foreclosure will stop immediately.
However there are few basic requirements that make you eligible for Washington Mutual loan modification program and you will have to fulfill them in order to take the advantage of the situation. The first one is quite obvious that the house must be owned by you and you should be living in that at present. This is because the main intention of the current government is to help genuine people and not those who take the advantage of the situation and make extra properties.
The most relaxing part of this mortgage modification process is that they don’t check your credit in order to qualify you for the mortgage modification program. The only documents that you require are your income proof, details of your monthly expenses, taxes and so on. To know exact list of documents you will have to call the office of Washington mutual because it varies from person to person depending upon the financial condition of the individual.
The loan modification at Washington Mutual restructures the monthly installments into affordable ones and reduces them so that they fit within 31% of the monthly income of the borrower. You can directly approach with the application and the necessary documents and you will be attended properly. However a loan modification company will help your process get speed up and assist you get the modification.