What NOT to do when applying for a Loan Modification
The number one complaints from servicing loan modification companies like American Home Mortgage
, EMC, Chase, Bank of America, and Wells Fargo is incomplete submissions! It is a processors worst nightmare! Truly speaking from experience here folks.... Not only does it bog down the system and wastes a lot of people's time, in the end it could mean the difference on getting help or not!! YIKES!!!
After all folks we are talking about your home, aren't we? This is where you have made your memories, where your kids have grown up etc. This is a serious epidemic in our country. By all means be proactive!!! If you know you are going to fall behind reach out and call your servicer and or lender and let them know.
A good tip is to write down the questions you want to ask your lender/servicer before you call them.
Below are a few tips to help you reach your goal of getting a successful loan modification and preventing and or stopping any foreclosure proceedings!
1). Update your financial information only once NOT multiple times this is a red flag!!
2). Do not submit an incomplete packet
3) Send in requested missing information within 24 hours
4) KEEP IN TOUCH!! Call your lender at least 2 a month to check in.
5) Answer your phone!! Some times underwriter will call and if they cannot get a hold of you guess what? Your file will get canceled and or denied.
The word of the day is be "Proactive!" The more you stay on top of your application the better your chances are of getting a quick response.
What NOT to do when applying for a Loan Modification