Don't go into a Gun Battle with a Butter Knife (Part 2)

If your like millions of Americans still trying to get a loan modification, you can identify with the frustrations of your lender losing documentation and not returning phone calls. Unfortunately your bank is not your friend and you have to fight to get the best terms for your modification.

In a previous post, click here to read, I showed you how to properly package your documents and get it into the right hands at your lender to get you modified. Without getting your loan modification submitted correctly in the first place, you will join the legions of thousands of homeowners running around in a circle.


Now that the correct department and the negotiator has your modification package, the next most important thing to do is:

Constantly Followup with the Negotiator - Just faxing over your documents and waiting for a response is just not enough. The lenders and servicers have just too many files and not enough staff to stay on top of it. Many homeowner's modifications have been denied for lack of activity. I have met many homeowners who have not heard from their lender in response to their file for up to six months. By that time it is denied and they have to start all over again.

- Once you fax over your documents, call within 24-48 hours to make sure they have received it.
- Call your lender at least once a week to make sure your file is moving towards modification
- Document your phone conversation everytime you call. Make sure you get the name of the person you spoke to and also make sure they documented your call on their side. This is to cover your "you know what."

You are almost there at this point and now waiting for your modification terms. If you have any questions or would like a free consultation contact us at info@myforeclosureconsultant.com