You Can Do a Home Loan Modification

Thousands of homeowners across America are finding it harder and harder to keep up with the monthly mortgage payment. They are struggling with the possibility of having to delay their mortgage payment or even to possibly stop making payments all together.

If you are one of those thousands, there is hope! Many lenders are becoming more and more willing to work with homeowners toward a home loan modification. Keeping a homeowner in their home is much less expensive than the cost of foreclosure, and, the lender can continue to lend money on your home – which is how lenders make money. It is a Win-Win situation.

The modification process is a bit cumbersome but it is well worth the effort. Even if you are not successful negotiating with your lender and ended up ultimately losing your home, wouldn’t you feel much better if you knew that you did everything you could to keep your home?

I actually am one of those homeowners experiencing extreme financial hardship. I tried to negotiate a loan modification with my lender and it did no work out for me. Due to an extreme loss of income there was just no way the lender could modify my mortgage enough to make it affordable for me and profitable for them. So, unfortunately, I am currently in the process of a Quick Sale – but, I am so happy I tried. I am not happy to be losing my home but I am satisfied with my efforts to keep it.

I have learned a lot about the painful loan modification process. I’d like to share a couple helpful tips so that you can pursue

a loan modification without as many surprises or headaches.

Mostly important, you MUST keep in contact with your lender. If you are not able to keep current with your lender you must keep in contact with them. If your lender feels that you are truly concerned about keeping your home they are more willing to work with you. So, if your lender calls, answer the phone or call them back if they leave a message. Don’t ignore them, the problem will not go away on it’s own.

Second, your lender has numerous different departments that work on different things. If you are not current on your mortgage there may be several departments looking at your loan. Generally these departments do not communicate with each other. Therefore, if you speak with customer service and they say something like “if you make your payment within 3 business days we will waive your late charge”, you still may get the collection department calling and demanding payment. Knowing this should keep you from getting extremely frustrated.

Due to the communication problems within your lender, keep exact details on any correspondence you have with your lender. This includes date, time, persons name and employee ID number, phone number you may have called, department of employee and details of the conversation/contact. That way you can advise the person you are speaking with and get them up-to-date.

When and if you decide to pursue a home loan modification you will need to contact your lender. If you are late on your payment you should ask for the “Loss Mitigation Department”. If you need assistance, don’t put it off, call your lender today.

Source: 598080707.net

Category: Credit

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