Wednesday, March 22, 2017

Should I Still Make Payments While My Application To Modify My Mortgage Is Pending?

Asking your mortgage lender to modify your mortgage loan is a good way to reduce your monthly mortgage payment. The problem can be that while you are waiting for an answer, you still may be struggling to make the payments. If that is your case, you need to know some important things about what you should and should not do while your modification application is being reviewed. One thing to do for sure is to stay in constant communication with your lender, and when you put your trust in us to handle your modification for you, we make sure the lines of communication don’t run dry. We stay on top of your application and where it is in the process, so there are no hiccups along the way.

Other things you should do during the time your mortgage loan modification request is pending include:

•           Keep making your payments if possible. If you fall behind on payments the lender may not make a finding that you have the capability to pay even a lower amount. But if you were already behind on your payments when the application was made, make sure your lender notes your account as such and that the loan is under review for modification. This type of account notation is helpful if the lender then tries to collect or foreclose before a final decision on your modification is made, because once a modification request is made the lender should not also engage in collection or foreclosure activity.
•           Keep copies of all of the paperwork associated with the modification request. If you are asked to submit documents that have already been provided, it is good to have proof of the submission.

If you allow our office to help with your modification we will talk with your lender about payments, and will also provide you with copies of all of the communications sent on your behalf. We keep your file organized so information is no farther than a reach, and can provide it to your lender upon request. We know you need to get a resolution quickly, and work hard to make the process go as fast and as efficiently as possible.
For help with asking for a mortgage modification, contact us at We will help by coming up with solutions that work for you and have multiple locations to meet your needs for office visits.

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