The Secret Tricks to Achieving a Successful Loan Modification

It is no secret to most that getting your lender to improve your loan terms through a Modification of your loan is no easy task.  In fact, thousands of people become discouraged every single day at the challenges and difficulties they face with trying to save their homes in the loan modification process with their lenders.  At Loan modification 411 we have been successfully helping borrower’s modify their loans for years.  Although there is a lot of expertise and knowledge which goes into our success at this difficult process, there are some little know secrets that we can easily share, which may help the average person who is trying to modify their loan, have an easier, more successful experience.  Some of these may seem very simple, but you would be surprised at how important they are.

Keep track of who you speak to:

Whether you are trying to do a Loan Modification through Bank of America (the busiest) or through OCWEN (the best) it is important to keep track of every single person you speak to from start to finish.  On the very first call you make to your lender about getting your loan modified it is imperative that you write down the time you called, how long you were on the phone, who you spoke to, what that person or person’s told you, and what the next step you were supposed to do is.   Think of it as a journal documenting your journey to a successful modification.  Remember to continue to do this until you have successfully completed the modification.  This is important because they may tell you for example that you have qualified for a HAMP modification and to call back in 10 business days for the terms of the mod.  You may then call back at that time and they will have no record of that comment, so it will be important that you have it all documented.

Label your documents:

Throughout the loan modification process you will find that you will have to fax in many documents to verify things such as income and assets and other important data.  One of the biggest problems with the loan modification process at many lenders, banks and servicers is that they are very unorganized and will misplace or completely loose your documents when you fax them in.  The most important thing you can do to help combat this is to write your name and loan number in big bold letters at the top and bottom of every page that you fax in.  By doing this you increase the chances of all your documents going to the correct place.  Make sure that 24 hours after you have faxed in the documents for the Loan Modification you call the servicer back and confirm hey have received all pages of what you faxed in.  Once they have confirmed it, make sure you notate that in your “modification journal”.

Ask for the manager:

Throughout the loan modification process there may be times when you are not getting proper answers or where things are not getting handled properly.  If this is the case, do not hesitate to ask for the supervisor or manager.  The supervisor or manager is responsible for the proper implementation of protocols and if you have everything properly documented as discussed earlier, they will be inclined to figure out the proper solution for you.

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