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What if I get denied for a loan modification?

You have patiently waited for the lender/servicers response to your request for a

loan modification only to receive a few weeks, or months later a denial notice. Now sometimes these letters will tell you why you were denied, but in some cases they will not and leave you speechless, and frustrated. If you have the gumption and patience to call the lender and ask why here are some questions you will want to ask.

1). Why was I denied? Can I resubmit? In most cases YES you will be able to resubmit, you still want to find out the reason why your file was denied. Do your homework!

3). I sent everything to you why are you closing my file? Can you reopen it if I send you all the information within 24 hours? If you get resistance ask to speak to a manager.

4). what do you mean my financial information doesn't qualify?

Tidbit: If you are denied due to your financial picture ask exactly why. It could be you are too negative and show that you cannot support a new modified payment. It could also be you make too much money. For the government program you can go to www.freeHAMPreport.com and run your financial information through their qualify software for FREE!! They even provide you with a downloadable packet to send to your lender.

5). My Investor does not participate in HAMP? What other options are there for me?

Tidbit: If you do not qualify for the Home Affordable Modification Program (HAMP) or Making Home Affordable (MHA) most lenders have what is called an in house modification program or traditional load modification.

6). I do not meet the Investor Guidelines? What does that mean?

Tidbit: Sometimes the company that actually owns your mortgage may 1) not participate in HAMP program or 2) the underwriting guidelines for your loan do not qualify, this could be due to several underlying factors for example: NET PRESET VALUE TEST (NPV). You could owe more than what your house is worth and the Investor may decide it is better to foreclose than to modify the loan.

The more questions you ask and probe the more information and feedback you will receive. From my experience most denials are because of 1) missing documents 2) outdated documents 3) unsigned and dated documents 4). Investor guidelines.

What if I get denied for a loan modification?

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What if I get denied for a loan modification?