Loan Modification

Loan Modification

Loan Modification Hints


A Few Hints When Applying For A Loan Modification

 

  1. Write the loan number, your name and address on the top of every single page you submit to your lender. If you have more than one lender, only use the loan number of that specific lender. Do not write multiple loan numbers on documents even if they are with the same lender.
  2. Plan to respond and resolve any issues within 24 hours if possible.
  3. Call at least once per week and ask 2 critical questions every time.
    1. Do they need anything from you? Your application may be denied if you do not submit information in a timely manner.
    2. Is there a sale date for the property yet? If the answer is "No", you are good for a week. Do not assume that they will not foreclose. If the answer is "Yes", find out what you need to do to postpone.
  4. Take meticulous notes about the process. Create a Microsoft Word document and call it "Loan Mod Log". Keep it in a handy place on your computer with all of your documentation. (It's always good to keep a paper copy as well.) Every time you call, email or fax you need to enter the date, and details, then save the document again. Remember to ask for employee names and ID numbers when you speak to your lender and record that information in your notes. Copy and paste emails into the notes and reference faxes in your notes.
  5. Two (2) business days after faxing ANYTHING, call to confirm that it was RECEIVED. If you do not get a response that it was received within 2 business days, go to your "Sent" email folder and forward the email to the same person you sent it to, and ask if they received it. Do this EVERY day until they acknowledge receipt.
  6. No matter how frustrated you get with the process, be nice to the person on the other end of the phone.

Income and expenses play a large part in a loan modification, but following the steps above may help your chances at getting a decent modification.

If you don't get offered a reasonable modification, please let us know! We can help you short sale instead of allowing a foreclosure to devastate your credit.

 

 

The Aguilera Real Estate Team does not offer professional advice on loan modifications. The Aguilera Real Estate Team does not guarantee results of any kind. The above are suggestions that may or may not improve your results in your attempts to get a loan modification. If you are not successful in getting a loan modification that is beneficial to you, you may want to consider a short sale. For a free short sale consultation or short sale kit please contact The Aguilera Real Estate Team at 209-597-8256.