So you are having trouble with your monthly mortgage payment and want to work with your lender to see about getting your loan modified. Before you even think about picking up the phone and calling them, you need to get prepared. Always remember that your lender is looking out for their best interests. No matter what the Customer Service Representative or the recorded message says about wanting to help you...their checks are signed by your lender. So, before you call, you will need to do some homework and research into your personal financial situation to know what to ask your lender for. You should completed a Personal Balance Sheet and a Personal Monthly Budget. You can find example forms on line by doing a search. Basically, you just need to do a listing of all your income and expenses. You should have a pretty good idea of what you have coming in and going out each month.
You will also need to write a hand-written "hardship letter" for your lender. This is just an explanation of your situation and how you want them to help you. You may be asking them to forgive thousands of dollars worth of missed payments, interest and fees or you might just need a $300 per month reduction in your house payment. Each situation is different. Now you are ready to contact your lender or lenders. The best bet, is to get the contact information (phone number) off of your mortgage statement. You may also have gotten a "loan modification invitation" from your lender. You may be able to get the direct contact information for the loan modification department, for your particular lender, off of these documents. You can always go to your lenders website to get updated contact information. Many of these sites also have direct links to the Making Home Affordable programs and resources.
Every week... make that everyday... things change in the mortgage industry-names, numbers, and contact information-is always changing. More and more lenders are requiring customers to complete the financial documents on-line. This can be a real challenge for customers who have little or no computer skills. But your lender's website may be a great source of information. Again, keep in mind that everything on the website is marketing/sales material. Once you find the number for your lender, call them. A couple of tips on contacting your lender: Be prepared to verify your information Loan number, social security number, borrowers names, property address, reason for hardship, zip code, etc.
Be Patient You may spend a considerable amount of time on hold, depending who your lender is and how busy they are. Be Polite No matter what, try to remember that the person you are talking to is just doing their job. They probably have no real power to grant you a loan modification, but they do have the power to close your file. Always be nice and treat them like you would want to be treated.
You need to get your lenders instructions for applying for a loan modification.
Fewer Restrictions Than Before- The DU Refi Plus Program will ease the economic burden that millions of Americans face. One way to do this is simply by offering financial assistance to homeowners who were previously ineligible. Under the new DU Refi Plus Program, Fannie Mae reduces eligibility restrictions and requires fewer documents to apply.
Call you lender. Get the list of their requirements and any specific documents or forms they need you to complete in order to consider you for a loan modification. Lenders are so busy with loan modifications these days, that any missing information automatically sends your file to the "dead" zone or the trash. There are no extra employees available to call about missing items from loan modification applications. The files with missing information just get closed...and your loan does not get modified.
You will also need to write a hand-written "hardship letter" for your lender. This is just an explanation of your situation and how you want them to help you. You may be asking them to forgive thousands of dollars worth of missed payments, interest and fees or you might just need a $300 per month reduction in your house payment. Each situation is different. Now you are ready to contact your lender or lenders. The best bet, is to get the contact information (phone number) off of your mortgage statement. You may also have gotten a "loan modification invitation" from your lender. You may be able to get the direct contact information for the loan modification department, for your particular lender, off of these documents. You can always go to your lenders website to get updated contact information. Many of these sites also have direct links to the Making Home Affordable programs and resources.
Every week... make that everyday... things change in the mortgage industry-names, numbers, and contact information-is always changing. More and more lenders are requiring customers to complete the financial documents on-line. This can be a real challenge for customers who have little or no computer skills. But your lender's website may be a great source of information. Again, keep in mind that everything on the website is marketing/sales material. Once you find the number for your lender, call them. A couple of tips on contacting your lender: Be prepared to verify your information Loan number, social security number, borrowers names, property address, reason for hardship, zip code, etc.
Be Patient You may spend a considerable amount of time on hold, depending who your lender is and how busy they are. Be Polite No matter what, try to remember that the person you are talking to is just doing their job. They probably have no real power to grant you a loan modification, but they do have the power to close your file. Always be nice and treat them like you would want to be treated.
You need to get your lenders instructions for applying for a loan modification.
Fewer Restrictions Than Before- The DU Refi Plus Program will ease the economic burden that millions of Americans face. One way to do this is simply by offering financial assistance to homeowners who were previously ineligible. Under the new DU Refi Plus Program, Fannie Mae reduces eligibility restrictions and requires fewer documents to apply.
Call you lender. Get the list of their requirements and any specific documents or forms they need you to complete in order to consider you for a loan modification. Lenders are so busy with loan modifications these days, that any missing information automatically sends your file to the "dead" zone or the trash. There are no extra employees available to call about missing items from loan modification applications. The files with missing information just get closed...and your loan does not get modified.
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