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Replies (4)
- Stephanie Weiss, "Stephanie Weiss"
- Contributions:88
If you are requesting a loan modification, you are at the mercy of your lender and need to provide everything they ask. Make sure anything you submit has your loan number on every page. Get some small avery address stickers, put the loan number on them and print a few sheets of them and put them on every piece of paper you submit. They'll more than likely ask for the same items more than once. Good luck!
- Doug McVinua, "Doug McVinua"
- Contributions:78
Be very careful about what you provide the bank. Remember the bank employee is actually looking out for the banks interest, not yours. I would send them what they ask for and nothing else until you get professional advice.
Have you considered getting professional advice regarding the modification? I can't provide you advice on loan modifications as a Realtor but I can provide you with a couple of names of individuals I feel are professional.
The loan modification programs are still changing and depending on your situation and goals you may have options.
Doug McVinua
HomeSmart Real Estate
[contact info removed by moderator]
Have you considered getting professional advice regarding the modification? I can't provide you advice on loan modifications as a Realtor but I can provide you with a couple of names of individuals I feel are professional.
The loan modification programs are still changing and depending on your situation and goals you may have options.
Doug McVinua
HomeSmart Real Estate
[contact info removed by moderator]
- Ed Benko, "EdBGCSInc"
- Contributions:54
Not to be argumentative but, I strongly disagree with the comments regarding the "bank employees are looking out for the banks best interest" blah blah blah ...
I am a banker & have been for many years .. How does it benefit the bank to NOT help a distressed client?
Banks are in business to MAKE money, not lose it ...NOT helping a client causes LOSS, and consistent loss causes bank failure .
Not rocket science my friend ..
This isn't a "war" of banks against clients ..Regardless of Fed programs, the bottom line is the numbers still need to make sense
My Dad always said "Son, if you don't know what you're talkng about, don't talk. You may say the wrong thing / give out bad advice
My Dad was a very wise man
I am a banker & have been for many years .. How does it benefit the bank to NOT help a distressed client?
Banks are in business to MAKE money, not lose it ...NOT helping a client causes LOSS, and consistent loss causes bank failure .
Not rocket science my friend ..
This isn't a "war" of banks against clients ..Regardless of Fed programs, the bottom line is the numbers still need to make sense
My Dad always said "Son, if you don't know what you're talkng about, don't talk. You may say the wrong thing / give out bad advice
My Dad was a very wise man
- VINTAGEHOME
- Contributions:56
Provide them all the requested documents.
Then provide them again.
Then wait for a status update.
Then call to find out what's going on.
Then learn the name of the new person handling your file this week.
Then provide the same documents again.
Then wait for a status update.
Then call to find out what's going on.
Then learn the name of the new person handling your file this week.
(Repeat this process for oh, 11 months or so)
Get a loan modification offer which only slightly reduces your payment.
Review the terms of the new 30-year loan.
See how the new terms are actually worse (for you) than the old loan.
Watch the comps in your neighborhood continue to drop.
Get a snorkle and some scuba gear, living underwear could last awhile.
Ask yourself, why did I bother with that lousy loan mod in the first place?
Then provide them again.
Then wait for a status update.
Then call to find out what's going on.
Then learn the name of the new person handling your file this week.
Then provide the same documents again.
Then wait for a status update.
Then call to find out what's going on.
Then learn the name of the new person handling your file this week.
(Repeat this process for oh, 11 months or so)
Get a loan modification offer which only slightly reduces your payment.
Review the terms of the new 30-year loan.
See how the new terms are actually worse (for you) than the old loan.
Watch the comps in your neighborhood continue to drop.
Get a snorkle and some scuba gear, living underwear could last awhile.
Ask yourself, why did I bother with that lousy loan mod in the first place?
BOA loan mod
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