These days it seems that all you hear about are loan modifications. These workout plans by lenders are crucial to enable many people to remain in their homes. The most important thing to remember is that it is up to you to get your loan modification. The banks are so overwhelmed that if you are not aggressive and persistent, you will get lost in the shuffle and wind up getting foreclosed on when you may have been able to avoid it.
Banks are very large companies and during these challenging times though they have become more organized as far as their workout departments go, they simply just have to much work to do. The departments handling workouts are small due to the fact that this department isn't generating new business but handling problems and the people working on the files are overworked and tend to work slowly.
The way to get it done is to keep in touch with your lender at all times and if they originally tell you that you don't qualify for a loan modification, you may want to wait a couple of weeks, call again and speak to someone different and many times you will get a different answer. Don't get frustrated and give up. There are many things the bank can due to get your payments lower such as lowering your interest rate, and extending the term of the loan. They may even put all your missed payments on the back end of the loan to give you a fresh start. Remember, if you don't make it happen, they won't either. The banks will do more for you when they see you are really trying and not sticking your head in the sand.
Comments(0)