3 Things You Should Do During The Mortgage Modification Process

If you are looking to get a modification on your mortgage in which you can lower your payments, keep in mind that it can be an arduous process. However, it is often worth the work it takes because it can help you during a time in which you may be struggling with your finances. If you have gone through an event that has drastically changed your financial status, such as a job loss or medical issue that has prevented you from working, a mortgage rate modification can be a lifesaver. Take the following steps to start the mortgage modification process:

Provide a Thorough Application Package

Your application package for mortgage modification needs to be very thorough and detailed. You will be required to submit quite a bit of information, including pay stubs. The number of pay stubs you will need to submit will depend on the mortgage modification program you are applying to. You will also need to provide a letter explaining why you need the modification, a copy of your monthly budget, and any additional documentation required by the program. If you fail to submit certain documents, it could result in your loan modification application being sent to the back of the line, causing further delay in changing your mortgage payments.

Check on Your Status Frequently

You will need to remain on top of your status during the process. To do so, call the loan servicer one time a week. The lenders appreciate hearing from homeowners, so do not be bashful when it comes to calling. You can ask several different questions, including if the file is complete, if there has been any changes to the document requirements, or tell them about any changes that have happened since your application was submitted.

Remain Patient

Just like with a mortgage application, you may have times in which the loan servicer requests additional documentation or asks you to re-submit something you have already provided. This can be frustrating, but you need to stay patient and provide what they are asking for. Keep in mind that these are key elements to getting your modification and will result in a positive financial situation.

A loan modification has many benefits that can help you in your time of financial need, so it is crucial to be vigilant and persistent during this profess. It may seem very daunting, but remember to keep moving forward. If you have questions during the process, be sure to discuss them with your loan officer to prevent any delays with the modification.

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