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Mortgages

Tips for Getting a Mortgage Loan Modification

Tips for Getting a Mortgage Loan Modification

Tips for Getting a Mortgage Loan Modification

Acquiring a mortgage loan modification might seem like a pursuit only someone resourceful can achieve. United Financial Counselors offers professional assistance with homeowners that are looking for help with their loan modifications. We compile your entire modification file, follow up with the banks, and communicate with our clients on a weekly basis. If you are struggling with a modification, contact us today!

Below are tips from our President, Jason Walowitz for getting a mortgage loan modification:

● Complete the package. Homeowners need to submit paycheck stubs, a hardship letter, a budget and any other documents that the loan servicer wants. If even one document is missing or outdated, the entire file will drop to the bottom of the pile.

● Ask questions. Make sure you know exactly what to provide to servicers. Servicers often request two paycheck stubs on the assumption that two paychecks represent one month’s income. But a homeowner who is paid weekly, bimonthly, or monthly may have to submit more or fewer paycheck documents. Similar misunderstandings about other documents can be equally problematic.

● Stay in touch. Homeowners should call the servicer or their representative at United Financial at least once a week and check on the status of his or her request. Ask whether the file is complete or not. Review the documents. Explain any special or changed circumstances.

● Be persistent. Homeowners naturally feel frustrated when they’re asked to resubmit documents. But, those who realize they are “at the beck and call” of the servicer and “can hang in there long enough” are most likely rewarded, says Jason.

The modification process can be overwhelming and tiresome. Let us help- Call the professionals at United Financial Counselors.