1st Trust Bank Loan Modification

1st Trust Bank is a fairly new financial company based in Hazard, Kentucky. The bank opened to the public on December 2004 and has since been helping locals with their mortgages. The recent economic crisis has prompted 1st Trust to start offering mortgage assistance, particularly loan modifications for borrowers in serious financial need.

The main requirements for a 1st Trust loan modification are documents stating one’s financial situation (such as bank statements, pay stubs, and proof of employment) and a hardship letter explaining what made them fall behind. The financial hardship has to be valid, such as job loss, a medical emergency, or death of a family member. Although a mortgage modification can be given to non-delinquent borrowers, those who are at risk of foreclosure are usually given priority.

Because of its size, 1st Trust has limited resources to process loan modification requests. An application can take several months to process, especially for borrowers with complex financial situations. To speed it up, it’s best to get a loan modification attorney to do the negotiations and push the paperwork forward.

There are also alternatives for people who don’t qualify for a 1st Trust mortgage modification. A loan modification attorney can discuss a short sale or a deed-in-lieu of foreclosure, which can soften the blows on the borrower’s credit even if they don’t get to keep their homes.