Ok- so you finally got your lender to cooperate and offer you a loan modification. You were told that the papers would be arriving in the mail within 2 weeks-but so far nothing has arrived. It is so important to understand what is required of you and how to follow up so that you do not miss out on this opportunity for a lower mortgage payment. If you miss the required timeline, then you could be disqualified and have to start all over again!
Many homeowners have spent months submitting their loan modification paperwork over and over again to their lender, spent countless hours on hold trying to get somewhere with their application. It is important to understand that since very few homeowners are currently being approved for a permanent modification, if you do finally get an approval then you must do your part by signing your new modification paperwork and returning it to your lender within the time frame they stipulate.
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How can you follow up on your loan modification papers? Easy-if you do not receive the forms in the mail by the 2 week period, don't wait another day! Get on the phone and stay on the phone as long as it takes to verify that the paperwork was sent, the date it was sent, and the address it was sent to. Sometimes, the paperwork was never sent or it was sent out to the wrong address. You need to know this so that you do not miss your window of opportunity.
Here is the timeline for making your loan workout permanent:
Approved for Trial Modification
Make 3 monthly payments of the new lower payments
No delinquencies allowed-miss 2 payments and you are out of the program!
Permanent loan modification papers sent to you for signing in front of a notary public
Send permanent loan modification papers back to your lender
The new modified terms are now your permanent loan terms-you are done!
Don't rely on your lender to send out the loan modification papers without following up regularly. Banks are getting better but still many homeowners are experiencing delays. You must be proactive and not drop the ball at this stage of the process. The goal is get a permanent modification and get on with your life.
How to Follow Up on When I Will Be Receiving Loan Modification Papers in the Mail
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