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Your mortgage company's loss mitigation department can assist with loan modifications.au t??l??phone image by Claudio Calcagno from Fotolia.com
Know what you want to say before you call your mortgage lender. Gather the information listed and have it available for reference during your call. Prepare a list of questions for your lender. Keep a notepad, pens and pencils available for taking notes during your conversation. Call your mortgage company from a private location where you won't be interrupted. - 2
When requesting a loan modification, state your hardship and propose solutions.office work image by dana nicolescu from Fotolia.com
When you call your mortgage company, ask for the loss mitigation department or foreclosure prevention department. Identify yourself and supply your mortgage loan number. Advise the representative of your hardship and ask for a loan modification. Maintain a professional, neutral tone and avoid being defensive, impatient or rude. Answer all questions to the best of your ability. - 3
Provide requested information to your mortgage lender immediately.clock image by Alexander Potapov from Fotolia.com
Explain how a mortgage modification can help you, and why. For example: I have just started a new job; I need help catching up on the three payments I owe, and could also use a lower mortgage rate. Tell the representative what you can do today. For example: I can send one payment immediately. Be proactive in suggesting solutions. Refer to your prepared information as you discuss options for modifying your mortgage loan. Write down any instructions provided by your lender's representative. - 4
Loan modification terms are typically approved according to specific program requirements.handshake silhouette image by Slobodan Djajic from Fotolia.com
Listen carefully to your mortgage lender's instructions. Assemble and send documentation precisely according to these instructions. Comply with requests for additional information quickly and without anger. Mortgage companies work with mortgage investors, government agencies and mortgage insurance companies, all of which have specific requirements for approving your modification. - 5). When you receive written approval of your mortgage modification, review the terms carefully. Verify that all personal and contact information is correct. Review the terms of your modification including the new mortgage rate and monthly payment amount. Contact your lender immediately if there are errors or problems with your modification terms and documents. Otherwise, sign the modification documents exactly as your name(s) appear. Obtain witness signatures and have signatures notarized as required. Keep copies of modification documents with your mortgage documents.
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