From The Desk Of Laura Wheeler

Everyone is going crazy over Loan Modifications!

While I always want what is best for my clients, sometimes doing it "yourself" is not always a good idea.

When it comes to Loan Modifications, it is very important to communicate effectively with your lender. Keep track of who you speak with at your lender and what they tell you, because chances are you will be dealing with someone else during your next call with them.  This can become frustrating, as you will be telling "your story" over and over again.

While the whole package is still new to everyone, myself included, I think the most important thing anyone can do is to GET THE BALL ROLLING NOW.  If you think that you "might" qualify, or that your "might" be in need of this kind of assistance - GET IN LINE NOW.

Most lenders already have information on their websites so that you can start the process of getting paperwork filled out and sent to them.  While it may take up to three weeks for you to hear anything back, at least you know you got your information into the "pipeline".  Once you submit the information online, you should receive at least a confirmation email regarding your submission.  If you don't get anything back within 24-36 hours, I would give the lender a call to find out (if you can!) if they received your paperwork. If you have to re-submit it, be sure to note that on your cover sheet or somewhere on the second set of paperwork that you have already submitted the information, that you did not receive any kind of confirmation that they at least received it, and that you just want to make sure that someone is getting it!

Do not be afraid to call your lender, but please remember that the people who work there are probably swamped - and hopefully they are doing their very best to get everything under control. Because of all the lay-offs within the industry, there are probably just a handful of people within each department and now they are trying to handle the work load of what used to be a lot of people.  While I doubt that banks will start hiring back their workforce in droves, I surely hope that they at least bring back some of their workers to help wade through what must be an avalanche of paperwork.

If you are intimidated by the whole process or unsure about any of it, please call me. I will be more than happy to help you in any way I can. Or if you prefer to have someone else handle your Loan Modification process, I have teamed with an organization that has been approved to do Loan Modifications within the State of California as well as the rest of the country.