Should I Call About A Mortgage Modification Or Put It In Writing?

If you have ever booked a hotel, bought tickets to an event, or made a dinner reservation you probably got a confirmation number or email, especially if you made the arrangements over the phone. The simple truth is that when business is conducted over the phone or on a handshake, it is always the best idea to confirm the terms in writing. If important information is not reduced to writing, it is hard to prove. And this becomes important when there is a discrepancy, a miscommunication, or a misunderstanding.

If you are modifying your mortgage, you will definitely want to put that transaction in writing. While it is perfectly fine to call your lender to make an initial inquiry as to the modification process, anything you do thereafter should be in writing and copies kept for your records. Here are a few of the things you need to keep track of, in writing:

•         Keep a copy of the application for modification you fill out and send to your lender.

•         Send all communication to your lender by certified mail, and keep copies of proof of delivery.

•         Any letters or emails you send or receive should also be kept.

•         Copies of all documents you provide your lender should be attached to a cover letter and a copy of that cover letter, with the attachments as sent should be retained for your files.

•         When you do communicate via phone, follow up the content of that conversation with a writing to confirm your understanding of what was said and keep a copy of that letter.

This sounds like a lot of paperwork and a lot to keep track of, and that is true. No doubt the process can become overwhelming and take up a lot of your time, which is why you should allow a professional to handle the process for you. We have experience helping homeowners modify their mortgages to more manageable repayment terms, and can help you too. We know how to track your application quickly, and get you the results you need to make a difference in your monthly budget.

For more information about a mortgage modification, call us today or reach us online at www.law-ri.com. We offer appointments at multiple locations for your convenience and can schedule a time to visit with you today.