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Mortgage Modification Tips in 2018

Loan modification sign
1. Apply early and often- The earlier your apply the better.. 

2. Fix your budget- You need to be able to convince the bank that you can afford to make ongoing payments.

3. Save money- Banks love to see that you can make a large down payment towards any arrearage.

4. Have multiple copies of your application- Anticipate they will lose part or all of your application.
5. Send in everything they want- Tax returns, pay-stubs, W-2’s, bank statements etc.

6. Call 3 times a week for updates. After you send in your paperwork call daily to verify the paperwork is received. Then call 3 times per week to make sure your application is complete as they often want new stuff they never told you about before. Then call 3 times per week until they approve or deny your loan modification.

7. Be patient and don't give up- The process can be draining

8. Reapply if denied- Increase your income with a second job and reduce expenses if possible.

9. Have a backup plan- The nightmare scenario is to be up against a foreclosure sale date when you find out you are denied. Sometimes they tell you the day before the sale! Maybe even consider Chapter 13 bankruptcy as a last resort to save your home.

10. Do not give up. Getting a modification is rarely easy these days. The banks intentionally make the process difficult. That is their way to verify you are serious about saving you home!
Monroe Office:
​110 E Jefferson St.
Monroe, NC 28112

(704) 493-6851​

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Contact us
  • Home
  • Firm Info
    • Contact Us >
      • Directions to Monroe office
    • Attorney Profiles >
      • Jason D. Witt
    • Fee Schedule
  • Family Law
    • Child Custody
    • Child Support
    • Divorce
    • Property Division
    • Alimony and Post-Separation Support
    • Separation Agreements
    • Domestic Violence Protective Order
  • Criminal Law
    • Traffic/DWI >
      • Traffic Tickets
      • Suspended or Revoked License
      • Driving While Impaired
    • Misdemeanors
    • Felonies
    • Expungements
  • Other Areas
    • Bankruptcy Law >
      • Personal Bankruptcy
      • Chapter 7 vs. 13
      • Bankruptcy Myths
      • NC Bankruptcy Exemptions
      • Bankruptcy Means Test
      • Bankruptcy Disclaimer
    • Debt Settlement
    • Foreclosure Defense
  • Blog