| The importance of following up with your lender in | | | | of thousands of people have. |
| order to get a loan modification can not be overstated. | | | | You can follow up on the phone or by fax. |
| Bottom line, if you do not follow up and communicate | | | | You can make up some forms ahead of time and |
| with your lender on a regular basis, the chances of you | | | | send them once a week requesting a status update |
| getting a modified house payment are slim to none. | | | | and to make sure your lender knows you are waiting |
| After you have sent your application package into | | | | for a response from them. It is okay to be the |
| your lender, what do you do next? | | | | squeaky wheel... Always be polite and professional, but |
| Success in life and loan modification comes from being | | | | make sure your file does not get lost in the hundreds |
| proactive. You have got to call and follow up with your | | | | or thousands of files your lender is working on. By |
| lender. | | | | checking in with your lender, at each of 4 key stages |
| You are the one who wants a loan modification from | | | | (or milestones) in the loan modification process, you will |
| your lender. | | | | know that your file is successfully moving through the |
| You are the one who wants to change your financial | | | | loan modification process. Here are the key stages of |
| situation and future. | | | | the loan modification process. |
| Only you can make that happen. | | | | Milestones: |
| No one else is going to do it for you... unless you hire | | | | 1. Your package arrives successfully at the lender (all |
| someone and pay them to do it for you, that is. | | | | pages) |
| Bottom line: You are responsible for your own results | | | | 2. Your package is entered into the lenders system |
| (and in this case getting a loan modification from your | | | | 3. A negotiator or loss mitigator (or whatever they are |
| lender) and changing your financial future for the better. | | | | calledat your lender's organization is assigned to the file |
| You have got to follow up with the lender at different | | | | 4. Your file is being analyzed...how long will it take? |
| steps in the process to make sure your file is | | | | Follow up after you package/loan reaches each of |
| progressing like it should! It doesn't matter if an | | | | these stages. |
| incomplete fax is due to a technical difficulty on the | | | | Once your loan reaches the final stage/analysis...it will |
| lenders' end...so I recommend you following up to make | | | | either be accepted and you will be sent a modified |
| sure your package got there...and is being processed. | | | | loan or it will be denied. If it is declined, you must find |
| It is much better to know within the first week that | | | | out why. Just because it gets turned down, does not |
| they did not get your package (and resend it) than to | | | | mean you cannot get a modification... You may have |
| wait 45-60 days (thinking they will call you when they | | | | to try some different tactics, but many times the first |
| have your wonderful revised payment plan ready to | | | | no does not really mean no. Go back over your |
| go) and find out they have not even started working | | | | financial information and your lenders requirements for |
| on a loan modification for your property. You can end | | | | a loan modification and submit a new package. |
| up losing your house to foreclosure that way...hundreds | | | | If at first you do not succeed--try, try again. |