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Steps To Take After You Have Applied For A Loan Modification

Steps To Take After You Have Applied For A Loan Modification

A lot of homeowners believe that once you have filed your application requesting

your mortgage lender to modify your loan, it is then up to the lender to take the next step and their work is done. However, the fact is that even after you have filed your loan modification application, there are a number of things you need to do to speed up the entire process.

First thing you need to ensure is that your mortgage company has your modification application and have all the documents they require. Any missing documents could result in your application being rejected so hence it is important to check before submission and even after submitting your application to make sure your bank has everything that they require.

The next step would be to call your mortgage company to confirm they have received your application and to make sure your file is in line for review. You can also use this call to explain to your lender your difficulties in paying your mortgage, why you think your application should be approved and to generally build an impression which will make your lender feel more comfortable with you. Lenders will review your application to determine if you are able to meet the modified mortgage plan if approved but it can help if you can continue to state your case for getting approved.

If you are not sure of what to say to your bank, then it is advisable to download a loan modification guide from the internet which also gives tips on how to talk to your bank. It is essential for you to know exactly how to present your case as it could make a huge difference to the ultimate outcome of the application. Steps To Take After You Have Applied For A Loan Modification

After you confirm receipt of your loan modification application, you should follow up every two to three weeks to get status on our loan. Do not wait to hear from your bank. They are too busy with thousands of applications and will not usually call you to let you know if anything else is required. Let them know that you would be happy to submit any other documents or related information should it be required by the lender.

If your mortgage lender asks for any other details then make sure you give it to them as soon as possible. Even if they do not require anything more from you, all homeowners should follow up regularly (minimum 2 to 3 weeks) to make sure your lenders are working on your application. If there is any change in your job status like getting a better job or simply not going through a pay cut like you originally anticipated, then let your mortgage lender know immediately. You need to keep the bank updated on your situation. Dont worry if you feel that the situation is getting worse. All mortgage companies know that families who have applied for a loan modification are in financial distress and it is possible for things to get worse. Regardless, it is all about talking to your bank and making sure they have the correct information on file so you can get approved for a loan modification that will give you the relief you need.

by: John Caroll
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Steps To Take After You Have Applied For A Loan Modification Qingdao