Discussing Loan Modification with Your Lender
Hopefully, the prospect of a home loan modification helps you to see some light at the end of the tunnel. However, you do need to discuss specifics with your lender. It is a good idea to carve out some time to talk to them when you aren’t going to be rushed or interrupted. If you get a call from your lender about a late payment, ask them to transfer you to a specialist with loan modification.
This can be an easy way to avoid the frustration of waiting on hold for someone to help you when you call in from an outside line. Tell them you would like to get an application for home loan modification. They can either mail it to you or email it to you.
The number of homeowners out there in this type of need is mind blowing. That is why such programs exist. It is designed to help reduce the number of homes in foreclosure. This helps to improve the overall economy. With this in mind, you do need to be patient. Most of the lenders only have a few people specializing in this type of loan approval. The same applies into Foreigner Loan Singapore and all other foreign countries.
It can take them time to get your request processed and it can take time for them to get the documents to you. It is understandable though this can be stressful, especially if you have a foreclosure date already and each day is one less day you have to get something in motion.
You do need to be persistent when it comes to loan modification for your home. Otherwise, there is a good chance your needs will slip through the cracks. Never assume documents are received, follow up. When you first ask for that application, give it 7 business days to come in the mail and 3 business days to show up via email. If you don’t get it, make a returned call and ask again.
Never make threats or be rude when you are talking to the lender about a loan modification for your home. You may be frustrated with the wait and with the processing but you need to be respectful. Likewise, they should be showing you respect too.
From the very start, you need to keep good records. You need to document every single phone call and email. Document the date you called, the time you called, who you spoke with, and the outcome. If you send emails, copy them into a folder. You should do the same with any replies.
Always make copies of documents you send to the lender. Never send them your originals as you have no verification if they don’t show up in their hands or they get lost in the shuffle. Write the date on the copies that you sent them and how you sent them. If you mailed them, always use a tracking service requiring a signature. If you email as an attachment, do so with delivery/read confirmation. If you fax, get a fax confirmation including the number of pages that were transmitted.
You aren’t bothering the lender if you call to follow up. Make sure they get your initial application. You should do so within 5 days of getting the delivery confirmation that they did receive it.
Never assume it got there and they are working on it! From that point, you should follow up on your application every 2 weeks. Ask if it has been reviewed and the information they still need. Typically, you will be told if someone is working on it, about letters that were sent, and items they are waiting for. This will help you to start gathering such documents even if you haven’t actually gotten that letter yet.
Report Anything out of the Ordinary
Report anything that is out of the ordinary with your request. If you aren’t treated with respect, make sure you talk to a supervisor. If you have asked for the application so you can modify your home loan and it never arrives, follow up. If you don’t get it the second time, you need to report that to someone in charge.
If someone at the lender office tries to charge you for an application fee or processing fee, report that immediately. There are scams out there unfortunately so make sure you don’t become a victim of them. If something doesn’t seem right or it seems too good to be true, trust your gut instinct.