1. If you’re behind on your mortgage. In the event you are any number of months behind on your mortgage, a good faith payment toward your payment arrearages may be requested. This is usually a fraction of what you currently owe.
2. Pre-Mature Modification letter from your lender. If you find that you’ve received a modification offer from your lender, shortly after we’ve begun mitigation on your behalf, please notify us immediately. This is a red flag. Often, your servicing company will make a pre-mature attempt to provide you modification terms after they’ve been contacted by our loss mitigation staff. Please forward this notice to us as soon as you receive them. This may be an attempt to provide with far less favorable terms than you may be eligible for.
3. Past due payment notices. In many cases, even though we’ve begun modification procedures, you could still be contacted by the collection department of your lender. This is because in most cases, those departments have no communication with the negotiation staff for your lender, and often are in completely different locations and on completely different computer systems.
4. How long will this take? Currently, most lenders are taking from 60-90+ days to complete a loan workout plan. During this time, and while waiting for a scheduled negotiation session with your lender, our loss mitigation department will be working daily to make improvements to your case, and you also may be contacted for help or additional information to strengthen your negotiation leverage.
5. We may make up to 3 or 4 complete attempts before reaching ideal modification terms or approval. Although this may take longer, in some cases we have found it’s necessary in accomplishing the best case scenario for you and your family.
6. Lenders may say they have no record of our company contacting them. Typically, the customer service department you and other home owners have access to via phone or 800 number on your statement will have no record of a modification in progress. This is because the customer service department often does not have communication with the department our escalated case goes to. Furthermore, most lender customer service departments do not have access to notes, communication, or any progress we have made with their negotiation department. This process is usually kept confidential to that department.
7. Be prepared for our call. At any moment in time our processing or loss mitigation staff may call you to request additional or updated information or documentation from you. Any of these attempts are solely for the purpose of strengthening your case and designed to ultimately provide you with the best quality modification.
8. When media distracts you, stay focused. There is plenty of information out there to help you understand the importance of having professional representation when looking to receive the best loan modification available to you. As with any negotiation process, there will always be two sides. Someone will be on your side, and others will be on theirs. Media, news programs, articles and other types of vague programming may be distracting during this process. However, even the President recognizes the fact that most families are not aware of all the details involved in protecting their rights and truly utilizing the new stimulus act designed to help with your situation. Our loss mitigation staff prides themselves with understanding these details of legislation, lending, and protecting your rights and will service you according to your family’s best interest rather than your lenders best interest.