5 Tips on How to Get Your Mortgage Loan Modified

When facing a difficult financial situation, and you are finding it hard to make your monthly mortgage payments, you need to make sure you consider all your options. For many people, a mortgage loan modification is an excellent option that can help to avoid foreclosure, reduce monthly payments, and put you in a stronger financial position for the future.

When seeking a mortgage modification, it is important to get it done correctly to avoid problems today and in the future. The Law Office of Ray Garcia helps many Florida homeowners through the modification process. Once you’ve read through these important tips, please contact us to discuss your options and see if a modification is right for you.

Ensure Application is 100% Complete

When applying for a mortgage modification, time is usually of the essence since a foreclosure or other penalties could be building up. One of the most common causes for a delay, or denial, of a modification is that the application was not completed entirely. There is typically a lot of paperwork that needs to be filled out and multiple places that require signatures from each borrower. If you miss even one of these requirements, the application will be denied until it can be corrected.

Be Honest

Many people are tempted to be less than honest on their application for a modification. Whether this means leaving out certain income, inflating certain expenses, or anything else, this is a mistake. Mortgage companies will have access to just about all your financial information during this process, and if you are found to be deceptive, your application will get denied.

Write the Loan Number on Each Page

Mortgage companies, and specifically their modification departments, can make mistakes just like anyone else. This can include losing or misplacing documents that you have mailed or faxed in. One of the most effective ways to ensure nothing gets lost at the mortgage company is to write your loan number at the top of every page that is sent to them. This way, if something goes wrong, they are able to get it back where it belongs.

Follow Up Regularly

Once you have submitted the necessary paperwork, make sure to follow up with the mortgage company on a regular basis. In most cases, the mortgage company will have a specific department dedicated to working on these types of requests. Contacting them for updates and to ask if there is anything else that needs to be done can help to avoid delays or other issues throughout the process.

Get Help from an Experienced Professional

Perhaps most importantly is getting help from someone who has experience with this process. When you contact the Law Office of Ray Garcia we will go over your current situation, and help to determine the best course of action to get your modification approved. We have helped many people throughout Florida with this process, and will be happy to work on your behalf as well.