Four Tips For A Smooth Mortgage Modification

There is nothing more frustrating than making a plan and have it go haywire. Sometimes there are thing that are out of your control, like a rainstorm during your beach vacation or a wait at the doctor’s office, but it is always nice when the plans you make go off without a hitch. However, that is not always possible and unexpected events have a way of interrupting even the best of intentions. Knowing in advance what types of obstacles might arise can help you plan for not only your ultimate goal, but also how to maneuver around those obstacles.

When you ask your lender to modify your mortgage, you can expect to encounter some hiccups along the way. These hiccups can delay the final outcome and cause you to duplicate your work. Here are four tips for a smooth mortgage modification process:

•         Keep copies of everything you send to your lender, including notations regarding your method of service. If you use UPS or FedEx, keep a tracking number and print out proof of delivery. Also, be sure to make notes on all mailings with an inventory of what was included in the package and keep copies of those things as well.

•         Write down dates, times, and names of people you talk to at the bank about your application.

•         Document your income and expenses so you know what amount you can afford to pay. It does no good to ask for a modification only to be given new loan terms that are still out of reach. You need to know in advance what payment amount you can afford.

•         Allow a professional to handle the request for you. A professional will keep track of your case, and make counteroffers when the outcome doesn’t meet your needs.

A loan modification is often times the best way to keep your house, and can be a quick solution when done properly. But when lenders fail to do all they are required, your case can seem to go on forever with no real relief in sight. We know this is frustrating, and that is why we take special care to keep your case moving and to keep you informed.

For more information about how to have a smooth mortgage modification process, call us today or reach us online at www.law-ri.com. We have multiple locations to serve you and can schedule a time to meet at the office most convenient for you.