subject: TOP 3 Loan Modification Issues [print this page] Many families are being told by the government and the experts to simply talk to their lenders about having trouble making their monthly payments to keep their house afloat. It would seem that the lender would want to avoid an expensive foreclosure right? Well, for many homeowners, this is proving to be easier said than done. In fact, some of the loan modification issues people are having can become quite a time consuming and frustrating ordeal. Whether it's rude customer service, loss of important documents, slow respond time, or simply being denied, the hoops that people have to jump through are becoming staggering.
Documentation Issues
The buzz that seems to be floating around is that documentation problems are a major obstacle preventing borrowers with trial loan modifications from having those modifications made permanent upon completion of the three month trial period. Simply put, the lenders seem to be losing their clients documents thus forcing people to resubmit the same documents over and over. So what is one to do?
Be sure to make copies of all documents you submit and include a cover letter listing each document contained.
Send all your documentation at one time, unless asked to submit additional material.
Make sure you get the right address. The person whom you may have talked to may not work at the place where your documents need to be sent. Always ask and ask again.
Send all documents via a trusted mail service such as USPS, Fed Ex, UPS, etc. By doing so, you not only guarantee delivery, but you also provide yourself with the signature of the person who received your documents in the case that the lender claims they didn't receive them.
Be sure to provide adequate documentation of such things as divorce decrees, death certificates, overtime pay or information on bonuses.
A no brainer, but vitally important Double check that all documents are filled out properly, including all necessary signatures.
Customer Service
Many of the service specialists at the major lending companies seem to have better things to do than to help the average person get the help that they need. It seems to be a problem with most of society these days. But you as the customer should not have to put up with this kind of treatment. After all you are what keeps these businesses afloat. The best thing to do when someone is simply not putting the proper effort in to help you is to ask to speak to someone else or a supervisor. If they insist that no one else can help you better than they can, then politely ask them to perk up and to stop making it so hard for you to communicate with them. This for most people is a lot harder than it seems. The best route would be to persist that you speak to someone higher up. We all know they are there in the background. Then be sure to tell them about Mr.or Mrs. Poopy Pants whom you just dealt with.
Slow Respond Time
The best way to get to the heart of the matter with this loan modification issue is to simply call and ask about the status or your inquiry. Call every week. Be that person. They will want to get rid you of you so fast they will have to help you move things along. It's not your job to be the patient person they push under the rug. You could send a written inquiry along as well with the phone calls but its not necessary as long as your are persistent.
In the end, there can be some very frustrating loan modification issues to deal with, but if you can be patient and educate yourself with some simple tools to prepare yourself the process can move along much faster. There is also services that specialize in getting loan modifications through to companies faster and help bypass some of the headaches that can come along with doing it yourself. One such company is called Fast Loan Modification Help. They can help match you with a company and speak on your behalf in certain cases to move things along quicker. It's a personal preference as to which you decide to choose. It's just good to know there are options.
TOP 3 Loan Modification Issues
By: John Hughes
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