Due to precautions related to COVID-19, we have expanded our options for remote consultations. Please contact our office to discuss whether a full phone consultation or video conference is appropriate for your situation.

3 tricks to help you seek a loan modification

| May 11, 2018 | Foreclosure Prevention

You might have been financially stable when you purchased your home, and your mortgage may have been well within your budget. However, anything can happen to change one’s financial circumstances and render a mortgage impossible to pay. If something like this has happened to you, and you can no longer afford your mortgage, you might want to pursue a loan modification.

Here are three pieces of advice that housing counselors recommend when applying for a loan modification:

Be thorough when sharing the requested information

Your bank will ask for a lot of information to ensure you can qualify for the loan modification you need. Submit all the information requested and don’t skip anything. Just one missing document could cause unnecessary delays or result in your request being rejected.

Stay in touch with your loan servicer

Follow up with your servicer at least on a weekly basis. This will keep you in your loan servicer’s mind and prevent your modification request from dropping through the cracks.

Ask questions

If there’s anything you don’t understand about the process of seeking a loan modification, ask your servicer. You don’t want a misunderstanding to render your request invalid.

Persistence

Persistence is the reason for success in so many situations, and applying for a loan modification is no different. Stay on top of this and don’t drop the issue until you have modified your loan in a way that truly conforms with your budget.

If you’re seeking a loan modification, you need to apply a mix of patience, strategy and persistence. An understanding of real estate and mortgage law will also increase your chances of getting the modification you need.

Source: Bankrate, “Tips for getting a mortgage loan modification,” Marcie Geffner, accessed May 11, 2018

Get Your Initial Consultation

Office Location

Matthew J. Obermeier

14255 Blanco Road
San Antonio, TX 78216

Toll Free: 800-820-1664
Phone: 210-296-5828
Fax: 210-308-6939

San Antonio Office Location

Articles