A loan modification can be a great solution to a delinquent mortgage or unaffordable mortgage payments. It can enable a homeowner to avoid foreclosure and the loss of a home. It can also provide a solution when mortgage arrears are so high that an affordable Chapter 13 bankruptcy payment is out of reach.
You don’t need an attorney to apply for a loan modification – a lot of people decide to pursue one on their own. Here are the steps you need to follow if you are seeking a loan modification:
- Contact your mortgage servicer and request a loan modification application
- Complete the loan modification application – make sure to answer all questions and attach all requested documents!
- Submit the loan modification package to the servicer using the preferred method for your particular mortgage company (fax, regular mail, online, etc.)
- You should receive a decision from the lender within 30 days
- Once the decision is received, let the firm know if you have been approved or denied for the modification
Keep in mind that applying for a mortgage loan modification can be a daunting task, and not everyone is willing, or able, to do it alone. The application is lengthy and typically requires a lot of detailed information. For these (and other) reasons, many of our clients retain the firm to help them with the loan modification process. We have a dedicated professional who not only knows what needs to go into the application, but who is also familiar with the different lenders and knows the nuances of dealing with each of them. This expertise allows us to tailor the application to each lender’s preferences and quirks, to emphasize the information that is particularly important to a particular lender, and to get the application completed and submitted to the mortgage lender as quickly as possible. It also gives our clients the comfort of knowing that they don’t have to navigate unfamiliar territory alone – their modification application is being prepared by a seasoned professional with a proven history of loan modification approvals.
If you’re going it alone, follow the steps outlined above. But if you want assistance and the benefit of our expertise and experience, contact us to discuss how we can help.