OfflineI recently got a request from someone who wanted assistance in working a loan modification on their own personal property that was in pre-foreclosure. They had already been scammed by one law firm, and wanted to know if there was a better way to make it happen.
I personally have negotiated several loan modifications and short sales, and though it has become more difficult as the bail out money has dried up, it is not impossible. I put the best two websites I could find online below, but google has several of them under "How to negotiate a loan modification.
www.ehow.com/how_2198656_negotiate-mortgage-loan-modification-lender.htm...
http://www.city-data.com/forum/mortgages/641845-apply-negotiate-loan-mod...
The best advice I can give you is:
1. Get a complete application in and verify they have it in writing, because they like to lose things.
2. Every time you talked to them let them know the call is being recorded, so you have a record of it, because they like to forget things.
3. When they finally do get you to the decision maker, call them AT LEAST twice a week, because the amount you bug them directly correlates to the success you will have.
Believe me these people hate their job, and really just want to make you go away, so if you let them know your not going anywhere and are going to make their life a pain until they give you what they want, they will be much more likely to help you out.
Good Luck,
Dave
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good advice. I have also helped people with the modification process and I would like to add a couple of additional things.
1) recognize that the person on the other end of the phone only knows what his computer screen is telling him. He/she is probably just a worker at a call center and probably doesn't have any authority to do anything except get you into a triamodificationon payment.
2) with a little reading, you will know more about loan modifications than they do and if you speak intelligently about the subject they seem to take you more serious.
3) remember to send the initial application completed with all the documentation and send it in such a way that someone must sign for it. Incomplete apps will set you back weeks if not months.
4) be professional in your tone. Calling them names is not the same as being assertive. Always feel free to make your case but do so with facts.
5) it will take longer than it should. make your trial payments on time during this period.
Just some more things to consider. Thanks.
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