subject: Staying on top of your lender and your Home Affordable Modification request [print this page] Staying on top of your lender and your Home Affordable Modification request
So what do you do if you actually know more about what options maybe available to you then the negotiator on the phone or lender representative helping you? By the way how is that possible even? Unfortunately, one of the issues with the larger lenders is keeping their workers up to date on the changes. Remember; just because a new program maybe offered through the Federal government doesn't necessary mean it will be available to you right away.
I came across an actually stating how a home owner called their lender and actually new more about the start date of the new Home Affordable Alternative Foreclosure program HAFA. Sometimes, it may seem like the person on the other line who is suppose to help you, doesn't have a freaking clue, which may or may not be the case. However, once a program is announced it still has to go through the implementation stage with the lenders and investors.
This simply means it is on the table to be offered, but the lenders still need to contact the investor to see if they are willing to participate in the program. So yes, you may be on top of your game staying abreast of all the latest news about loan modifications and foreclosure assistance, but it doesn't mean it is fully functional on all levels within your lender or servicer.
It is okay to make sure your lender is doing their job correctly and that they are aware of the most recent programs. It is not uncommon to come across newbie home loan modification specialist who may be a little slow or not up to date on the new programs being offered. If you feel that is the case, simply hang up and try again, or you can ask to speak with a manager.
So what are some of the common mistakes that lender representatives make?
The number #1 complaint from home owners is being given in correct data. For instance:
- Do I have a scheduled sale date?
- The current status of my loan modification application?
- Missing documents?
- Not knowing the guidelines?
- Payments being applied to my account?
In the mortgage business you can never assume they know anything! Most of the time they don't have it right, so it is better to reconfirm everything! That is why it is so important to call frequently to keep abreast of any changes to your loan modification application status. Don't be afraid to ask questions and don't be afraid to ask for a supervisor or their supervisor if you feel you are not getting the correct information or not being told what you need to know.
