We have compiled this list of easy things you can do while trying to obtain a loan modification. It’s a very detailed and thorough process, but if you begin by choosing a successful law firm and following these steps, you’ll be on the right track for great results that you can afford.
1. Decide what your goal is.
Are you going to do everything possible to stay in your home, or perhaps you are just trying to reach a conclusion that makes financial sense? Clearly stating your goals to your attorney will allow them to better aid you in achieving the results you desire.
2. Save Everything.
Leave nothing to chance. You’ll be asked for updated financial documents often, and if the banks say something that conflicts with your experience, you need to be able to prove your side of the story. Save your pay check stubs, your bank statements, mortgage statements and utility bills. This is a great time to clean up your home filing system. If you’re working with a law firm, you will most likely need to send these documents in monthly.
3. Provide documents.
Your mortgage lender will ask for documents over and over again. Your attorney will need to provide them to your lender over and over again, and although tedious, sending these documents over and over will be one of the key pieces to securing your loan modification. If you’re working with an attorney, ask your attorney if you should be sending documents directly to your lender.
At Amerihope Alliance, we thoroughly review each package before anything is submitted to the lender.
Always respond to these requests as soon as possible. Don’t forget, you may have great representation, but if you don’t provide the tools, they have a much more difficult time advocating on your behalf.
4. Communicate through your attorney.
Sometimes even if you send a cease & desist letter to your lender and their collection department, they will try to contact to you. Their primary purpose is for them to get you to hastily disclose information which may ultimately help them deny you. Direct them to your attorney and let your attorney know that you’ve received a call.
Sometimes at Amerihope Alliance Legal services, we may need to advise you to accept certain calls from your mortgage lender or we may even have a conference call between one of our paralegals, your mortgage lender, and you.
5. Be available.
The firm helping with your modification likely designates specific time to pay attention you your case. If they need to talk to you, you should respond right away!
Amerihope Alliance Legal Services understands that you may be receiving calls from debt collectors (including your mortgage lender) and we work hard at maintaining communication with our clients. We provide an on-line system with 24/7 access to your case status, notes, and requests for documents.
6. Be forthcoming with your attorney.
Perhaps the greatest advantage to working with firms such as Amerihope Alliance is that, when given all the right information, a law firm can greatly improve your chances of getting approved for a great modification. If you have someone renting your 4th bedroom, or you make $30 per week running errands for your neighbor, it’s pertinent information.
7. Be Patient.
The average time it takes to get a loan modification changes all the time and no one can guarantee a time frame, but it’s not quick. Choose your representation wisely and hang in there! Through our on-line client status system, Amerihope Alliance provides regular updates to each client on the status of their case.
8. Save Money.
If you’re not making your mortgage payments, remember to save as much money as possible during this time. There’s always a chance that your mortgage lender may ask for a “good faith” deposit, especially if it’s been many months since you’ve made a mortgage payment. Try not to think of any money that you’re not sending to your mortgage lender as “extra,” but as a tool to help you move forward.