You have found this article most likely because you are suffering from financial difficulty and or the inability to pay your credit card debt or to make the agreed upon payments on your home with your first mortgage.
First, I would like to say that I am sorry that you are going through this! Second, I want you to know that myself and my family went through the same situation several years ago. Third, I want you to know that I was able through faith in god and belief in myself, to help my family get through it. Now I am going to tell you how I did it.
If you are looking for a quick fix, get rich, get over scheme, then this is not for you. In order to receive some assistance or co-operation from your lenders, you must be able to show that your personal income and financial situation has changed for the worst. While at the same time be able to show the ability to pay something. If you do in fact fall into the category of people who have sincerely suffered hardship as a result of the economy and or job loss, then lets get started.
First, take out all your bills. All of this plays an important role! Take out your mortgage(s), your credit card or IRS debt, your utilities, cars, your insurance payments (health, life, auto, etc.), even your grocery bills – approximate, and pocket money. Keep in mind that if you have any savings at all, they are going to expect you to use this to pay down your debt.
Finally, it’s time to make the first call! Ask the first person you speak to, to transfer you to the “hardship” department. You must be prepared to identify yourself and be prepared to state your case. The person on the other end of the line takes hundreds of calls per day, and they will quickly “weed out” with your phone call whether or not you are sincere or serious at all. You need to state your case. Remember as much as technology has taken over much of our lives, some of the decision making process is based on the interpretation that they make of your situation. I have learned however, that the “numbers don’t lie” and at the end of this process, if their computer programming says that you don’t make enough, or make too much – (especially during a home modification application) you may be denied.
If this were to happen, don’t lose faith! Most large lenders have several programs to meet the consumers needs and if you get denied for one, you may be eligible to apply and receive approval for another. You may also find that the person you are speaking with is not very receptive. Keep in mind that it is your right to ask for help from someone that is capable of giving it to you. Do not be shy of asking for supervisors etc., or sometimes, just calling back at another time. The right chemistry between people can make all the difference!
After you have received their application, submitted pay stubs, tax returns, statements of hardship, bank statements and all the necessary signatures, you need to follow up. You need to call and confirm that the documents were received, Sometimes, I would even call back that same day to make sure everything was received, and to confirm that from another person as well! You would be surprised that sometimes certain departments don’t communicate important things like this with one another. And when your home is concerned, you need to be your biggest tooting horn.
The greatest asset you can have, is if your assigned a person that is handling your modification file. Communication with that person is key. I would sometimes call them every other day, or even every day to make sure that they had everything that they needed. We must have faxed our personal documents ten times over the course of about ten months. It took us about a year and a half to get a permanent modification for our home. We had two different lenders (one bought out the other) and we were denied two times before we got approved after a change in the law.
You may be offered a temporary modification, take it, make the payments as scheduled and follow up. Whatever you do, don’t lose hope, remain focused, poised and polite (as well as persistent) and good luck.
Tags: Loan mod