As a loan modification lawyer, many people ask me, what are the secrets to getting home loan modification or qualifying for a government loan modification program? To most people, a loan modification may seem like a mysterious process, but it can be fairly straightforward. “Secrets” or suggestions we would recommend include: good organizational skills, keep detailed notes, and be patient and persistent.
Secrets to Getting Home Loan Modification 1: Good Organizational Skills
As most people realize quickly, a government loan modification requires a substantial amount of documents and information to be provided to the lender. This includes forms the lender requires as well as paystubs, tax returns, bank statements and a hardship letter, among other things. The problem often arises when the lender inevitably “loses” all these documents and they must be resubmitted. This is a very common scenario, as surprising as that may be. So keep everything organized and complete, it is very likely you’ll have to resubmit the loan modification package a few times.
Secrets to Getting Home Loan Modification 2: Keep Detailed Notes
With high levels of turnover within lenders “workout” departments (it’s a fairly thankless job), it is likely you’ll be working with at least a few different negotiators along the way. It’s important to be able to easily and quickly reference the last few events which occurred in your loan modification process as the negotiator may not have updated notes in your file. You want to be able to reference who you talked to, the time and date you spoke with that person, and of course the content of the conversation.
Secrets to Getting Home Loan Modification 3: Be Patient and Persistent
As discussed above, lenders are highly disorganized, lose paperwork, and ask for the same thing over and over again. This is enough to drive most people completely mad! However, if you’re serious about a loan modification, staying focused on your goal and being persistent is key. It’s a good idea to follow up with the lender at least a few times per week for a status update, and be prepared for them to tell you your file has been closed (mistakenly). It is also very important to be totally available for the lender to contact you any time of day. It’s difficult to be available all the time as everyone works and has busy lives, but complete availability is important. If the negotiator calls and you don’t answer, this is often just enough to have your file closed (that’s where the patience comes in).
California Loan Modification Attorneys
McFarlin LLP attorneys handle all aspects of loan modification for borrowers in San Francisco, Long Beach, Anaheim, Mission Viejo, and throughout California. Our attorneys are available to provide you with honest reliable advice at our Irvine office or over the phone. With a matter as important as loan modification and foreclosure, it is a very good idea to consider hiring qualified loan modification lawyers to represent you and protect your interests. Call us today at (888) 728-0044.