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There are some very important rules of thumb you should follow when you are going through the loan modification process.


Be punctual

Rather than wait to default on your monthly payment, you should contact your servicer’s loss mitigation department and apply for assistance. It’s important to take action rather than wait to get into financial trouble.

Do Your Research

The best way to figure out your best options is to do your research. Many of the loan modification sources have websites that can help you gather information.

Write a Hardship Letter

A hardship letter is a vital tool for borrowers facing a foreclosure. While it can be compared to hardship evidence, a hardship letter differs in that allows a borrower a platform to be honest and open about their situation to their lender or servicer. It is generally requested when in the loan modification and short sale processes. Examples of hardship letters can be found online.

Stay Organized

All loan modification programs request basic financial information such as pay stubs, bank statements, 2 years worth of tax returns, recent mortgage statements and a financial budget if you have one. Keep detailed logs, notes on conversations and tabs on status updates when pursuing a loan modification as paper trails will allow for you have back-up in case of any legal issues.

Be Assertive

Remain respectful but never take no for an answer. The process doesn’t just stop when you submit the application – you will need to constantly follow up via phone – at least 2 times per week to help ensure a positive outcome.

Be Realistic

You should feel free to bargain with any deal presented to you, but at the same time, remember those with the power are the ones who make the final decisions. This is especially important to remember if your loan is owned by Fannie Mae or Freddie Mac.

Be Patient

Some timelines within the process can take up to 90 days for completion. With timelines like that it’s easy to say the loan modification process is one that will require the utmost of patience.

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