wordpress hit counter

Following Up With Your Lender

following up with your lenderIf you’ve been following this series, you should have all your documentation ready and submitted to your lender.  If not…it’s okay. Just stay focused and get it done.  If you get stuck just review the previous articles in this series.

This article is part 5 in our loan modification series and will focus on the importance of following up with your lender. Once you’ve followed the steps in our previous articles and you have submitted your application for a loan modification you’re not done yet.

You cannot just sit around and wait to hear from your lender.  With thousands of homeowners all trying to get loan modifications just like you…it’s not a matter of if you’re going to get lost in the crowd…it can and does happen.  Also, due to the amount of paperwork involved it’s very easy to forget to include some required information.

How Often Should You Follow Up With Your Lender?

No matter how much your lender tells you …”We’ll get back to you about your application”…call them anyway.  Once a week is a good rule of thumb.

What Should You Ask Your Lender?

Inquire about your application.  Ask if they need any additional information.  Ask if anything is missing.  Did you forget to sign any of the documents?  Are there any documents you might have missed? What is the status of my loan modification?

Get To Know Your Representative

Chances are your contact at your lender’s office is swamped with homeowners applying for loan modifications.  But the big difference is most will not check in after submitting their applications. People assume there’s no need to do this.  That’s a huge mistake.

When you make your once a week check in… ask your representative how long he or she has been in loan modifications. Find out about their overall experience. Ask them what your chances are for getting approved.  While they may not be able to tell you what your odds are…they may be able to advise you  or point out any potential problems with your documentation for example.

Why Following Up Can Mean The Difference Between Getting Approved Or Denied

There are many homeowners who were denied because they failed to include a signature or provide an additional document.  If your lender requests a document…you need to get it to him or her asap.  A  request for a utility bill  may not seem urgent.  But if your lender requests that you need to take care of it immediately.  All requests no matter how small they may seem should never be ignored.  Failure to comply will quickly get your loan modification application denied.

Don’t take chances and don’t worry that you’re being a pest by calling your lender weekly.  You have a lot at stake.  You need that loan modification to save your home and help get your ” financial house” in order.  Who do you think they are more likely to help first? The person who turns in an application and never calls them back or the person who actively calls them once a week to check on their status?

You’re only a few weeks away from changing your life for the better, don’t drop the ball now.

In part 6 , the final article in this series, you’ll learn the ins  and outs  on “When To Hire A Loan Modification Service For Help.”

Call 888-766-3693 if you have any questions about modifying your loan.  You can also visit Loan Modification Company Reviews to learn more about companies that can help you.


Leave a Reply