Patience and Persistence Will Get You a Loan Modification

by admin on February 28, 2009

If you are going after a loan modification, be prepared for a long drawn out process. You will have to be driving the communication channel between you and your lender. Regardless if you have Countrywide, WAMU, Chase or Indy Mac as your mortgage owner, you will be dealing with a large bureaucracy. These large public corporations have thousands of workers and even more rules.

The first thing you need to brace yourself for, is that you will spend hours on the phone just waiting. To relieve your stress, get a speakerphone or a headset or something that will allow you to move around and get stuff done while you are waiting to get your lender on the other end of the phone. Make sure that you have a couple hours of free time blocked out before you get on the phone. These aren’t the kind of calls you can make at work, it probably make sense to call right away when you get home so the lender still has support staff available.

In addition to large amounts of patience, you are going to need even more persistence. When pursuing a loan modification, it’s probably a good idea to check in at least once a week and maybe twice to make sure the process is still moving forward. One of the first steps you’ll make is to create and send in a hardship letter, so after you send that in, call the lender to make sure they received your information. The squeaky wheel really does get the grease so don’t be shy about calling in or asking questions. If you don’t ask for an extra 1% off the interest rate the bank offered you, you’re never going to get it. The worst they can do is say no and rejection really isn’t that big of a deal.

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