Modifications of mortgage loans are receiving more attention than ever since the number of different loan programs by certain banks and lenders are becoming quite expansive. These recent changes are great indicators that some much needed financial relief is on the way for homeowners.
I still receive calls from previous customers who are seeking guidance and direction on how to deal with the frustration of loan modifications. My previous clientele sits in Florida, where mortgage loan modifications are far more difficult to obtain than other non-distressed states. I have found that modifications vary from one bank to another as well as from state to state. So I am sharing a few tips now to help you get through this time consuming process.
1. Make sure you have all the required documentation requests. Many loan modifications require tax returns, recent pay stubs, bank statements and more.
2. Complete the submission of all documentation 100 percent. Make sure you follow up with the bank representatives and applicable departments after all fax submissions or mailed packages have been sent. Ensure all have been received and notate anticipated follow up dates. Keep written records of the conversations and completed requests and make sure things are moving along as should be.
3. In regard to prior loan grievances, detail a list of things you were not previously aware of that were included in your original loan. For example: adjustable rates, balloon mortgages, etc. Keep this list handy. Provide this when requested.
4. Create a hardship letter that is detailed and accurate. Make sure it is orderly and sensible. Below is a great outline to follow:
a. Paragraph 1: Discuss your current financial situation and why you are unable to keep up with the monthly payments as agreed. This should be the general introduction to your letter.
b. Paragraph 2: Discuss your previous financial situation, including when you signed the original loan documents. It is very important that you be as open and detailed as possible, such as if you were originally a two income household and now you only have one income.
c. Paragraph 3: Discuss your current situation. You have to be even more detailed about your current status. Include details such as if your income has been dramatically reduced, if there is now a medical or health issue. This is not the time to be prideful. The lender needs to know all the details of your problems.
d. Paragraph 4: This is the wrap up. Make sure you explain that you are still working on how to better your financial situation, but you are trying to work out a manageable plan to save your home.
5. An overall rule of thumb: Do not compare your loan modification to anyone else's. Your neighbors, coworkers, friends or family are not you. Each situation is personal and unique and they are not applicable to one another. Some neighborhoods are more distressed than others. Being that these neighborhoods have a higher foreclosure ratio, they tend to get help a little faster than others. Also, each lender is different. Lenders and banks are overwhelmed with the inventory of delinquent mortgages and modification requests. So patience is definitely key.
The primary goal is to stay on top of your requirements and follow ups. This will allow you to have more control of the outcome. Make sure you keep detailed journals of all correspondences. Stay upbeat and positive. And remember, if you feel that it is all too overwhelming, you can always hire a reputable real estate attorney that can represent you well and handle the headache for you.
APAT Real Estate Settlement Services
PO Box 770849
Winter Garden, FL 34777
407.353.0826.office
321.281.6024.fax
NMickle@APATSettlementServices.com.email
Article Source: http://EzineArticles.com/?expert=Nicole_Mickle
Nicole Mickle - EzineArticles Expert Author
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