Tips on Going Forward With Loss Mitigation Loan
One of the methods to speed up the process is to first know exactly what you are dealing with, most loan modification departments are slammed with requests from borrowers asking for help with their loan. This is one of the reasons why the process is very slow and tedious for both the consumer and the creditor. It is not unheard of for counselors to have multiple files that they must examine and look over. There are thousands of requests and not enough employees to cover them. Put yourself in their shoes; if a counselor had a couple of files they must review and one of the files were sloppy and missing important documents, while the other was neat, legible, formatted and organized, which one would you analyze first? Of course, you would choose the file that is neat because it will be easier to go through. This is what many borrowers should think about when looking to file for a countrywide loss mitigation loan modification.
Make sure to review the requirements needed to be approved for the loan modification. You will need to prove these requirements and should have all of your forms in front of you when speaking on the phone with a counselor. If you don’t have all of the information at the moment at the time you are on the phone with the counselor, they will more than likely blow you off or put on the back burner. Try to have all of your financial statements and records 100% organized and accurate.
A Countrywide loan modification takes a lot of hard work and persistence, which can be daunting, but in the end, it is worth it. It may take a consumer a couple of hours to prepare the necessary paperwork, however, that is better than being put in the back of the line when it comes to speaking with a counselor over the phone. There are many resources available to borrowers and guides who need help calculating figures such as your debt ratio. You will also need to write a hardship letter to send in to your lender.
The Author is a Loan Modification Specialist who writes on various related topics like “Loss Mitigation“, to help people understand the Home Loan Modification process and assist them to save their home from foreclosure. He regularly writes about Loan Modification Program related issues. His ideas and analysis on Loan Modification are based upon years of practice. To read more about related articles please visit: “Loss Mitigation Loan”
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