Loan Modification Do’s and Don’ts

Do: Maintain a calm and professional demeanor at ALL times.
The people you are talking to have a tough job and are getting beat up all of the time. If you lose your cool with them your file may just disappear from the system.

Do: Know your numbers and what you are willing to accept before engaging with the bank.
Their systems are designed to wear you down so knowing what your objective is at all times is essential to staying on track and focused on getting what you want and need.
Target Payment Calculator

Do: Keep good records.
The ability to recite previous conversations and progresses made will help you avoid setbacks and starting over repeatedly.
Download our Home owners packet to keep track of all needed information:

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Do: Ask for direct numbers, emails, and direct fax numbers.
You will save hours of hold times and repeatedly having to recite your loan number and identity verifications.

Do: Provide a complete loan modification application up front, the first time.
Your file cannot progress through their system if you are missing documentation. Lenders are swamped with applicants and poor documentation is the fastest and easiest way for them to reject yours and move onto the next file.

Do: Expedite the delivery of updated documentation when requested.
Lenders work off of systems and checklists. If you don’t give them what they need your file cannot progress.

Do: Make contact at least once a week.
By contact that means talking with someone who is working on your file. Voice mails and emails don’t count.

Do: Be honest with yourself.
Hope is not enough to solve foreclosure problems.

Don’t: Lose your cool! I know this is redundant but it is important.

Don’t: Wing it.
Use the tools we are providing you here to develop an understanding of your objective.
40 year arm calculator:
 Loan Mod 40 Yr Am Calc

Dowload the Homeowner Loan Modification Kit

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Loan Modificiation Short Sale Calculator

Don’t: Fall into the nice trap.
Being very nice is a tactic and the nice person has the same objective the bank has.

Don’t: Feel guilty.
This is a weakness the bank will exploit. The lender is not burdened by guilt and neither should you.

Don’t: Apologize.
This is a weakness the bank will exploit. The lender is not apologetic and neither should you be.

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Don’t: Accept any loan modification they offer.
The bank is going to make modifications based on what is best for them. Know your target payment and keep at it until you get a payment that will allow you the STAY in your home permanently.

Don’t: Allow weeks and months to go by without definitive progress towards a resolution.
If you have made no progress in 45 days you need to be looking at other solutions to avoid a foreclosure.

Don’t: Hang on indefinitely until time to seek other solutions has past.
If  foreclosure is imminent, time is a commodity you cannot afford to waste. Know that you may need to consider short selling before it is too late.