When seeking a Mortgage Modification, here are some tips to assist along the path to a potentially successful loan modification.
The Time is Now – You do not have to already be in default to be able to qualify for a loan modification. As a matter of fact, it is simply best to start as soon as possible. If you are experiencing difficulty in keeping up with your mortgage payments, it is important to consider getting a loan modification before you may have the chance to default on your home loan.
Writing a Hardship Letter – Write a very convincing, but realistic and honest hardship letter. If you are not confident enough in writing your own, enlist the help of an attorney.
Document Everything – This is of extreme importance. Document everything. Document the processes before, during and after. We cannot stree this enough. You will likely not be able to effectively communicate everything you’re going through if you do not have tangible proof.
Stay organized – For many respondents, the process of applying for a loan modification stretched across months, involving an ever-changing parade of customer representatives that 64 percent say gave them contradictory answers at times. Respondents recommended everything from pen and paper to certified mail, phone recorders and video cameras to keep track of the process.
Don’t Get Discouraged – You may be asked to submit and resubmit documents, which may naturally make you feel very frustrated. Don’t give up. It has been proved that those most persistent in the Loan Modification fight often emerge victorious. If all doesn’t not seem to go well at first, try, and try again.
Do not transfer property while filing – This may be seen as you trying to transfer assets (such as a home or car) to hide proof of their existence and can get you in trouble. This same tip also goes for filing for bankruptcy.
Read and Understand your Guidelines – It is always important to understand your guidelines, and also important to have someone guide you through understanding all of the guidelines. The Law Offices of Anderson and Ferrin can assist you in understanding what is to be expected and break them all down in something that is far more concise and easy to comprehend.
Label Each Page With Your Name / Loan Number – Mortgage companies may receive tens or thousands of documents from hundreds of applicants a day, and may even lose documents. You can prevent future headaches by writing your name and loan number on each page of every document.
Stay in Touch – Call Your Mortgage Company Every Week. Many changes may happen on a weekly basis – the person handling your file may leave the job, the company may require more information or the file simply transferred to another person. Do not simply work hard on the paperwork, submit it and wait for a response. Check in periodically.
Seek A Professional – Very easily done by contacting the Loan Modification experts at the Law Offices of Anderson and Ferrin. Our Lawyers are experienced in various forms of Bankruptcy Law and Loan Modifications. Call for a Free Consultation today.
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