Oakley CA So Your Lender Has Denied Your Loan Modification Request - Now What?
In case you haven't noticed, Loan Modification seems to be the hottest thing around these days. It's being touted as the distressed homeowners "holy grail" to saving their home. Well, I'm sure there are quite a growing number of folks out there that would beg to differ. If you have applied with your Lender for loan modification and have been turned down, you are not alone. There are some things out there that just aren't being told to the masses that want to save themselves from foreclosure.
If you have been denied a loan modification by your lender there is still hope for saving you and your family from foreclosure. First off, if you have had enough guts and more important time to submit a request for a loan modification you must be commended for your efforts. As you may be aware, you can spend countless hours on the phone with your lender just trying talk with someone who can actually help you. The other hurdle you've got to jump is making sure your information is actually received by the lender. This effort can more times than not take numerous faxing attempts, as lenders are notorious for saying "we did not get your fax", "you probably should fax your paperwork again". So once your loan modification paperwork is received by your lender, you feel a sense of relief and accomplishment knowing in your mind that you are on your way to getting the help you need to stay in your home.
As you patiently waited for your lenders approval of your loan modification, you begin to imagine your nightmare coming to an end and being on your way to a fresh start and that once again the "American dream" for you and your family is alive. Then, you receive a letter from you lender stating that your request for a loan modification has been denied. In a matter of minutes your hopes in getting a new start with your lender and better mortgage terms has been sunk. At this point you may be ready to give up, don't, you still have options.
If you are committed to staying in your home you have got to be prepared to put your boxing gloves on and fight. Pick yourself up and dust yourself off and get on the phone immediately with your lender. You want to get clarity on why you were denied and most important ask if you can RE APPLY FOR A LOAN MODIFICATION. Yes, you can be reconsidered for a loan modification, you just need to ask your lender what their procedure is for re-application. Keep in mind that you should review the information you previously submitted to your lender and make adjustments to information or add supporting documentation if necessary. Also, remember there is help out there if you need to have your package reviewed or have questions prior to resubmitting your information to your lender.
Whatever you do, don't give up, persistence can and will pay off.
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Oakley CA So Your Lender Has Denied Your Loan Modification Request - Now What?
Adrienne Smith, Broker
Renegade Real Estate Services Inc.
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