When you are working on getting a mortgage loan modification you have be alert and keep a keen eye on what is needed in order to continue on the path to lowering your mortgage. If you are working on your own towards a loan modification follow up regularly. Knowing what you need will increase your chances of success. Communication is the key in this situation, communicate with your mortgage lender.
Never start applying for a mortgage loan modification and not call up to check in with your mortgage company at least a few times a month. "The rule of thumb" is once a week, that is how often a borrower should check in to see what is taking place with their mortgage loan. Yes, it take some work and time to check in once a week, but remember this does not last forever. The average modification from start to finish is about 45-90 days, this number has steadily increased over the last few year. Many homeowners are seeking assistance these day, and was not the case several years ago. There are some borrowers who take a longer time to get a loan modification approval, but those are the minority of modification.
Knowing if you are missing documents such as: new pay checks, award letters for unemployment or pension, proof of rental income, utility bills, etc. will save you time. If your mortgage company needs a document or 2 to complete your review process, and they have to mail you a letter to let you know this, it could take a week to get you a notice. If you call the day or a few days after documents are being requested by your lender, you might be able to cut the approval time just by checking in regularly. If you need something to complete the review process and it is not provided in a timely manner, you could get denied. When a borrower gets denied for a mortgage modification they will often get a notice of denial much earlier than if they had received a loan modification approval notice. Approvals take the longest to be sent by a mortgage lender. With a modification approval, your lender has to go through the whole loan modification process before sending out the approval to you.
We can show you how to lower your house payment right away and enjoy the benefits of a lower payment for many years to come for a small fee, you have nothing to loose. Why now enjoy a brand new affordable mortgage payment in the near future.
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