Homeowners have been scrambling to apply and meet federal loan modification qualifications but most to no avail.
Many experts have been wondering whether this has it been a complete waste of time for these consumers and will they ever actually see the funds they so desperately need? Most economists will say that all is not lost.
Well, for those who share this optimistic opinion about these federal programs, here are some proven ideas that may actually help increase your chance of being approved and funded.
Let's start with the easier ones first: 1.
Completing the Package - Consumers will need to submit paycheck stubs, a finance budget, a letter of hardship and any other documents the loan servicer requests.
Remember that if even one document is missing or outdated, your file will be dropped to the bottom of the pile.
2.
Be Sure and Ask Questions - You want to make sure that you fully understand everything being said and anything you sign.
This will make the entire process go smoother for you and the servicer especially if they ask for additional documents from you.
3.
Communication Is Important - Get into the habit of calling your contact every week to check on the status of your file.
This would be a good time to discuss any documents they are reviewing or in question.
Many times, changes occur during the application process so make sure you always discuss this with your mortgage servicer which will prove invaluable.
4.
Remember To Be Persistent - No one told you that this loan modification process was going to be easy.
That's why it is so important to submit documents when asked even if you already submitted them.
Getting mad or arguing will not help matters.
Being professional and proactive may end up getting you approved ahead of others who are not so accommodating.
Now let's share some more tips from those who are sitting across from you or are on the other end of the phone in helping the loan modification become a reality.
They include: 5.
Make Sure You Are Flexible - You first have to realize that not everyone applying will qualify for the H.
A.
M.
P.
loan modification program.
There are guidelines that must be followed which will require you to submit a full documentation so do not argue or slow things done by not following these non-negotiable requirements.
6.
Be Sure To Label All Your Documents - This may be a no-brainer but many homeowners who are rushing to get these documents in will make this huge mistake of not labeling them properly.
Servicers receive thousands of documents daily so do them a huge favor and put your name on all papers.
This would also be a good time to call your servicer to make sure they received all docs.
And if you make a mistake on a paper, do not scratch it out.
Start a fresh application or it will be tossed out when received.
7.
Release Your Tax Returns - The biggest reason that homeowners are tossed out of these bailout programs is because they do not give these servicers permission to access their tax filings from the IRS.
If you are serious about getting help, make absolutely sure you sign the IRS Form 4506-T.