Mortgage Modification Tips in 2018
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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!
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!