Keeping Track of All Loan Modification Communication
Loan modifications take a few months to process and because there are so many papers involved and so many meetings and appointments to keep, it is important to keep track of all of this. Not only that, but there are phone calls to make concerning progress that have to be done.
It is assumed all too often that the lender is keeping track of all of the documents and all of the communication and to a certain extent they are doing that. However, they have thousands of customers and clients to take care of and it is easy to forget to call someone about a missing document and these documents do end up being misplaced at times. It is the responsibility of the homeowner to keep in contact with the lender every week or so to ask about the process and if there is anything else that is needed to help the process go smoother.
With all of this communication, it is advised that a homeowner log all of the dates and times of the communication as well as what has been said. This is to keep track of the schedule and the details of everything as a reminder if anything is needed and to ensure that the lender and the negotiations are being worked out on time. Lenders have three months to respond to the modification application and if they don’t it can be used in obtaining a better modification.
It doesn’t take too much extra to take these notes and track progress. The notes should be kept in the same place or in the same notebook so that they are all organized and they should be written according to date because in this way if a person ever needs to check back on something it will be easier to locate. It might not seem that important at the beginning but as the process continues, the homeowner will eventually realize that it is.
