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Steps mortgage loan modification can help you save your home

Tracking Down A Representative Who Can Help 

 Tracking Down a Representative Who Can Help Contacting your lender is a snap. You pick up the phone and dial a number. The hard part is working your way to a living, breathing human being with the brain capacity and understanding to help you deal with your current situation. Like other large businesses, lenders can toss all sorts of obstacles in your way, including but certainly not limited to • Automated phone systems that give you nine options to choose from, none of which applies to what you’re calling about. • Phone menus that lead to dead ends regardless of the option you choose. • Hours of operation that require you to quit your day job to get anything resolved. • Foreign call centers in countries that don’t even have mortgages. • Hold buttons that mysteriously disconnect you rather than placing you on hold. • Representatives who can’t locate you in their system even after you give your name, loan number, and your great-great-grandmother’s maiden name.

In This Section of the loan modification

 • Digging out financial documents — old and new 

• Estimating your home’s true market value

 • Signing and sending authorizations . . . if necessary 

Nobody exactly plans on falling behind on their house payments and ending up on the wrong side of a pending foreclosure. But when you look at all the hoops you have to jump through to get a loan modification, you begin to wonder whether your lender thinks you planned the whole thing. If you want help, you’ll need to prove that you’re not staging the scene just to get a lower house payment; that you really need the help; and that, if you get some help, you won’t end up in the same predicament three to six months from now. All that proving requires documentation — and lots of it. Just as knowledge is power, information is power when negotiating a loan modification. You need to gather all the facts, figures, and documentation the lender is likely to request along with other documents required to complete the application forms and make your case. loan modification programs

your loan modification programs

 In This Section of the loan modification

 • Demonstrating your need in a hardship letter

 • Painting your financial portrait — current and projected

 • Signing and copying your entire packet

 • Ensuring proper delivery of your application

 If you’re lucky, either your lender supplies you with all the forms to complete and a checklist of supporting documentation to submit with your loan modification application or you can easily download and print everything from your lender’s Web site. (See Chapter 5 for information on how to contact your lender and Chapter 6 for more about gathering the supporting documents you may need.) You simply follow the instructions, make copies for your own records, and mail your application to the lender. If you’re not so lucky, you have a rough list of items you gathered from phone conversations with the lender’s representative. In either case, you need to prepare a hardship letter and financial reports. In this section, we show you how to pull everything together for these documents and then submit your entire application to your lender. On February 17, 2009, President Obama signed into law H.R.1, commonly referred to as the Stimulus Bill, which contains a provision to standardize loan modification qualifications, paperwork, and procedures. This legislation is likely to cut down on the differences among lenders in evaluating and processing loan modification applications. 

 In This Section of the loan modification

 • Setting realistic expectations

 • Logging everything

 • Checking in and stepping in when necessary

 • Keeping other options open

Mortgage loan modification process can help you keep your home

 A typical loan application takes 30 to 90 days to process. That gives you a whole lot of time to worry and wonder: Maybe they didn’t get my application. Did I remember to sign all the forms? Did my application get lost in the shuffle? What if they rejected it? Regardless of whether you have an expert representing your interest, your head is on the block, so feeling anxious is normal. In this chapter, we offer some suggestions on how you can alleviate some of that anxiety and remain proactive without becoming too intrusive. Here, we show you what you should be doing during that 30- to 90-day waiting period. The 30- to 90-day period is the average time required to process a loan modification application and work out a deal. The more complex your situation and the more concessions the lender is required to make, the longer the process. 

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