When you apply for a Citibank mortgage loan modification, you might have a difficult time. Most of this, however, is brought on by your lack of knowledge of the process. Trying to get a home mortgage loan modification without understanding how they work nearly guarantees that you simply will fail. Given this, it is essential to know the ins and outs of loan modifications before you try to save your mortgage with Citibank. Here are the most typical mistakes which are made when somebody attempts to get a Citibank mortgage loan modification:
You get in touch with the wrong individuals
For one reason or another, individuals often do not understand that your bank is not usually your mortgage holder. The group that handles your mortgage is who you pay your payments to, and not necessarily who you got your loan from. That said, when you apply to obtain a Citibank loan modification, you’ll need to go to Citibank directly. Also, you need to make certain you have the proper department inside Citibank. Often times, customers will get transferred to different departments repeatedly. Each time, new paperwork will be required to fax into your lender. The loss mitigation department is where you want to end up, preferably with a negotiator. A negotiator can make the decision to approve or deny your modification.
You Skip Parts of the Application/Incomplete
Most businesses that offer loan modifications will simply discard any application that’s incomplete. These companies are literally inundated with requests and do not have the time to work with those that are incomplete or missing information. Occasionally you might get lucky and have a nice agent let you know, but usually you’re asking to be denied by skipping parts of the application. If you want a Citibank mortgage loan modification, then you need to make certain that you include every last bit of the information complete. Don’t skip anything.
You skip requests for further info
Like the application, you have to respond to requests with complete detail. Some people respond to Citibank loan modification requests with partial or incomplete information. This will get you denied rapidly and with out hesitation. It is best to try and send the documents they have requested the same day if possible. You want them to know that you are serious. At the very least, when they request new paperwork or whatever it is, try to get it into them within 24 hours.
Lack of proper follow up
With the large numbers of individuals that are applying for Citibank loan modifications, it is not unheard of for an individual to send in info and it get lost. You should send all communications like this via certified mail to ensure that you have a record of your compliance or some other way that is able to be tracked. Still, some things can and most likely will fall through the cracks. This is why it is so important that you follow up with Citibank regularly to insure that what you send in is received and documented. You need to also keep records of whenever you call, who you speak to, and what was said in the phone call.
As you are able to see, the majority of problems that you run into whenever you apply for Citibank loan modifications come back to communication and follow ups. Fortunately, these are extremely easy things to correct, and extremely simple to get right in the first place. No Citibank loan modification application should ever get denied over something so trivial. Make sure you have got all your ducks in a row, and that you simply maintain copies of everything that you submit. You should by no means send originals, simply because you will normally never see them again. Citibank loan modifications will usually go smoothly if you take the time to do it right the very first time.
For more information, you should read these reviews of loan modification companies that can help or call 888-766-3693.