Avoid These Mistakes When Applying For Mortgage Loan Modification
Posted on February 24, 2009 in the Mortgages category
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If you want to handle the loan modification process yourself, you have to know what to do, but more importantly, what not to do! Let’s look at a few things you should never do when preparing your loan modification application.
Mistake: Speaking with the wrong department about a mortgage loan modification. When you miss a mortgage payment, you’ll eventually get a call from your lender’s collections department. Don’t try and negotiate a mortgage loan modification proposal with these people on the phone, because they can’t help you. They have only one goal, and that is to get a mortgage payment from you. Not help you with your financial trouble. Speak with the correct department of your lender if you want to negotiate a mortgage loan modification.
Mistake: Not doing proper preparation for a mortgage loan modification. If you don’t take to study the mortgage modification process, save yourself the hassle of sending in the paperwork. There’s an enormous chance you’ll get declined, because you haven’t prepared properly. Reading this article on this site is a good starting point.
Mistake: Omitting information when applying for mortgage loan modification. Be aware of the fact that the bank WILL check up on the facts you provide, so don’t be tempted to omit information or even lie. You will get caught and all your chances of getting a mortgage loan modification will go down the drain. Banks really don’t like it when you don’t tell the whole truth.
Mistake: Paying a mortgage loan modification a big upfront fee. There are a lot of mortgage loan modification companies springing up left and right because of the high number of foreclosures. They all want to get a piece of the pie. Be sure you check their credentials and know that you’re dealing with an ethical, reputable company before giving them your money. The objective is to get out of the hole, not deeper in it.
Mistake: Trying to piece together a loan workout that doesn’t meet the approval criteria of your lender. This shows the lender that you did not take the time to go through the paperwork and you did not read up on the approval criteria. This is one of the quickest ways to get your application denied, so take the time to read up on the approval criteria.
If you make sure you don’t make these mistakes when applying for a mortgage loan modification, you give yourself the greatest chance of succeeding. The final decision is up to your lender, but if you take the time to do this right, you make it easy for the lender.
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what department is the correct department to talk to for loan modification?
Call the customer service phoneline. Loan mods have become mainstream so they “should” have the correct number. Expect to be transferred a lot, and be on hold constantly.