Again, I am just asking for a friend who need to have his loan mod so he doesn't have a foreclosure!
Do you guys have any tips to share so he doesn't get a flat denial? What should he watch out for? What other hurdle will they throw at him?
Thanks in advance CBers...
Just be sure he can show enough income to support the type of loan mod he is applying for and that he sends in all documents requested asap with loan numbers wrote on each page.
Document the income as clearly as possible and be sure to write a good hardship letter explaining how his hardship happened and what his goals are to make his payments with the loan mod going forward. Check in weekly to see the status on the application and always write down the person he speaks to the date and that persons extension. Also always call a day or so after faxing documents verifying that they received each page they requested.
He should apply asap because once they start foreclosing they may not have enough time to review the mod. If he can get a HAMP package into them in time, they cannot put a sale date on the home until the package has been reviewed and denied. If he is approved he will have 3 trial payments, be sure to make them on time and don't miss any, then they will convert it to the permanent mod. If he is denied HAMP, he can reapply if his situation for denial changes for the better, but if he missed any trial payments, he will not be able to reapply for HAMP. Hope I covered everything.
PS: I've been told it doesn't hurt to send letters in certified mail to the bank and the foreclosing attorney explaining you are applying for the mod and intend to keep the home. I am working on that as well. GL