Loan Modification Tips

If you have experienced a hardship that is causing you to be deliquent on your mortgage payments, you can contact your mortgage provider to ask for a loan modification. Your bank or lender may restructure your loan terms or interest rate for a period of time, without having to refinance your loan, so that your mortgage payment is lowered. This may only be a temporary modification or it can be a permanent change.

Of course, you may refinance your loan(s) to better terms to lower your mortgage payments or get a fixed rate mortgage. If you have a short-term adjustable loan that is about to spike up, you need to find a better loan or a fixed-rate loan.

Some things to keep in mind when going about a loan modification:

The hardship letter to your lender should be brief and simple.
At times, lenders will ask you to resend documents you already provided. Sometimes up to three more times during the process. Please make sure you resend the requested documents and confirm receipt by the lender.
The lender sends all correspondences related to your loan via phone or mail. Please open every letter you receive from your lender and return phone calls expeditiously.
Reviews/Revisions are offered as described per 6.2 of the Limited Service Agreement.
Before sending/faxing updated paystubs, please make sure you double check the income figures on your updated paystubs. They should reflect similar data to the original paystubs sent to the lender.
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