Do Your Loan Modification Follow Up
Ladies and gentleman follow up with your loan modifications, I can’t say this enough. I see and hear these stories time and time again; The borrower is approved for a loan modification and he/she does not follow up with their lender and is then declined for the modification that was just approved. The way to fix this problem is to keep in constant contact with your lender.
I am not saying you should call to your mortgage company and bug them all of the time, but at least check in with them 3-4 times a month. This is vital for several reasons. The reason is this, if there is something missing in your file you can promptly know about it and get it into them right away, if something went wrong with a payment(say a check returned) that you have made then you can get them a new payment or a for sure payment like certified funds, if your pay stubs don’t match up with the income figures you gave them in order to
get the approval then you can try to work it out some other way; The list goes on and on. Lenders will approve a homeowner for a loan modification today and next week realize that they are still missing something or that they made a mistake in the calculation of something in the borrower’s file and they need to rectify this problem. They are humans too, and make mistakes. The best way around any kind of issue that may arise is to keep in contact with your lender. The industry’s rule of thumb is to contact your lender once a week to check up on what is taking place on your file. This way you can fix any problems that might come up. For example, you would not want to find out when it is too late that you did not sign the approval documents that you needed to sign within in 30 days of the approval, or risk loosing your loan modification that was just approved loan modification. It’s better to call regularly than to call too infrequent(like once every 1-2 months while under review) just in case they needed something important from you right away.
There are borrowers that have lost the opportunity at getting a brand new lower mortgage payment just because they make one mistake, they did not follow up with their mortgage company and lost it all. When a borrower does not do what is needed of them, it looks as if they are not too concerned with getting the mortgage help they need; Yet they are the one needing all the help they can possibly get from their lender. The often have to start the long process from beginning again with no surety of approval the next time around. Borrowers please be aware of this hints when needing help with your mortgage.
Following up regularly can mean the difference between getting approved or getting denied. Another thing you can do when you call back to do your follow ups is to ask questions. Ask questions like how long has the person that your are talking to been doing this job, find out their experience, finding what is missing in your application if anything, and what are your chances are looking like for approval. A lot of time they may not know what your chances of getting approved for the loan modification is, but they may be able to provide some additional insights that you did not know before that could benefit you. Plus, if there is a new twist on the loan modification process, you would have learn it early, and you could try to conform quickly to continue to increase your chances of approval. Never stop following up, doing so can often increase your chances of approval because your are well informed. This will also keep you educated on the ins and out of the loan modification process.
