December 26, 2012

Eight Tips to Pursing a Loan Modification (Part 2 of 2), Prepared by the Office of Vivix Credit Solutions

Posted in Vivix Credit Solutions tagged , , , at 9:28 pm by Vivix Credit Solutions

In part one of this two-part article, the credit repair experts at Las Vegas-based Vivix Credit Solutions offered some valuable advice on pursuing a loan modification, such as finding out who your mortgage servicer is and filing your application with as much accuracy as possible. In part two, they provide tips on how to handle the actual modification process.

1. Contact the right people at the mortgage servicer. Ask anyone who has gone through the modification process and they will likely tell you about their difficulties in getting in touch with the correct individuals at their mortgage agency. When you do contact someone at your loan servicer for a modification, make sure they work in the loss mitigation department.

2. Maintain realistic expectations about the modification. Once you turn over your application and financial background materials, the process will partially be out of your hands. The mortgage company representative will review the information and determine a monthly payment plan that works in favor of the lender while still allowing the borrower to keep their home. If you cannot afford the proposed modification, let them know why. Suggest a payment plan that would work based on your budgeting calculations. Presenting a well thought-out, concise argument may very likely change their minds.

3. Keep a cool head. The loan modification process almost always leaves homeowners feeling frustrated and angry. Treat the lender’s representative poorly and they will stop working with you or completely ignore you. Treat them professionally and graciously and they will be more flexible in helping you out.

4. Document everything. Keep a detailed paper trail of your communications with your lender. Note everything from the date you spoke with your loan representative to their name and employee number. This information will come in use if you need to hire an attorney or you face foreclosure down the road. In addition, send all documents to your mortgage servicer via certified mail or shipping firms like DHL or FedEx.