Live Your Financial TRUTH
If you are having mortgage difficulties with your mortgage lender, we encourage you to contact us so we can assist you. However, there are occasions when we are not able to assist due to lack of funding.
If we are not able to assist you, we hope that you can be successful in advocating for yourself with your mortgage lender. This BLOG is to give you some guidance in how to prepare a loan modification package for yourself. Here are the documents you will need in your own loss mitigation package:
When you have gathered all the above items, double check them to make sure that you have completed everything fully. Label each document with your loan # printed plainly across the top.
You will then need to call your lender OR go on your lender’s website to find YOUR lender’s preferred means for submitting the packet (some lenders have fax #’s and some prefer email.) Also note that some lenders will list some “lender specific” forms, in addition to the forms listed above.
Submit your packet, according to the directions on the website. When you have submitted your packet, give your lender a minimum of 2 business days to process.
After 2 business days, call your lender to confirm that they have received it. Here are some tips for you when you call in:
Following your initial contact, plan on following up on at least a weekly basis until there is resolution. Sometimes your file can be in review for a modification for months. When you make your follow-up calls, always indicate that you are checking in to see if there are any further documents required OR any status updates to report. Know that as long as it is in review, there is a chance for a positive outcome but it is UP TO YOU to follow through. It is YOUR home you are trying to save…the persons on the other end of the line have little to lose or gain in the process.
Some of the key factors in successfully advocating for yourself are: PROPER DOCUMENTATION, adequate income to support a reasonable mortgage payment, PERSISTENCE and patience. Don’t give up… sometimes persistence and cooperation pay off.
We hope that these directions have been helpful. We wish you the very best of luck as our goal at Family Management and Iowa Mortgage Help is to keep Iowans in their homes.