Helpful Tips to Speed up the Loan Modification Process

The loan Modification process is a slow process but there are few guidelines to follow which will help speed up loan modification mitigation.

Keep communication records

Lenders have been known to lose the loan applications and to prevent any delays you need to keep all your records regarding the application. That includes all your communication that you have had with the lending firm which includes all the phone calls that you have received or made. Keep all receipts of any transaction that you have done. Make copies of all these records and ensure that you keep all the originals and only pass on the copies.

Financial Statements

The financial worksheets is an important part of the application process and keeping your own financial statement will help speed things up. The lending company might insist that you use their format but keeping your statement will ensure that all the information is readily available.

All the Details.

You cannot have too much information and there are a few loan modification options so having all the information will make it easier for the lender to process the required information and avoid delays asking for more. The information that is commonly required is

  • All your contact details which must include email, fax, home phone number as well as work
  • Your income
  • Any extra income such as interest on savings etc,
  • Information about the property and the market value
  • Any liabilities that you might have

If you are not sure then get loan modification help from loan-mod depot who are experts in this field.

Keep all your Bills

In order to complete the financial statement, you will need to submit all your bills including old ones. As part of the application process, you need to present your case why you are not able to pay the current loan and the loan modification inspector will require these along with your hardship letter to assess your application.