Want a HomEq modification? Yes, I am a current employee. Yea me! Why am I doing this? Because I unlike many of my co-workers want to help you out! Don't reply back with negative comments b/c I'm only here to help and giving you the information needed. Take it or leave it because I don't have to do this. And if you don't send in everything I am tell you here the mod will be denied. Follow it closely. I can't make a guarantee you'll get a MOD, not every home can be saved. But this will get you in the right direction. If there are two people on the loan, send their info. too. But to be safe, if your spouse isn't on the loan, send theirs are well.
1) Write a hardship letter explaining why you want/need a modification. Now if you flat out can't afford the property its not worth your time. Example: House payment is $1500. Total household income is $3000. Total expenses including the mortgage are $4500, you're over spending your means and you need to short sale the property or find some way to cut that deficit.
2) Last years w-2 or 1099.
3) 2 most current pay stubs or bank statements proving income. Ex: January and February. Not June and November!
4) Declarations page of home owners/flood/fire insurance. If we escrow your account you don't have to send it in.
5) Recent tax bill showing property taxes are paid. If we escrow your taxes you don't have to send it in.
6) Fax all that to 866-554-5325, this goes to the HomEq Modification department!
7) Call back in 1 week after you fax the documents to make sure they are all received and documented. KEY STEP!!!
8) Ask if its been assigned to a processor. The agent might say something like "Well you're not qualified". Tell them to look in MSP (program we use), type in LMT3 and your loan # and see if your file has been placed with a processor. Now, just because it might be assigned doesn't guarantee you're getting a MOD. Again, not all loans can be modified.
9) VERY IMPORTANT. If you are offered a MOD or going through the process, everything is time sensitive. And its not X amount of days from received, its X amount of days from date on the letter. FAX EVERYTHING!
10) If you are contacted by a processor, get their first and last name and try to get their direct phone #, not their extension. Extensions don't work. With their first and last name you can email them directly. Example: Your processor is Jane Smith, their email would be email@example.com.
11) The modification will have escrow, its required and your monthly payment might increase after a mod. HOWEVER, it includes property taxes and insurance. Also, if 2-3 months after you get a MOD your payment increases... its because of escrow and we have nothing to do with that. Either your insurance or county/city tax office didn't send us all the info at time of agreement. However it must be paid. I'm sorry but its true. You would have to dispute w/ your local tax / insurance office.
12) VERY IMPORTANT: When talking to the mod specialist/processor. Make sure any monthly payments, late charges, other fees, and corporate advance fees are capitalized and put on the back of the loan to bring your account current and get it in writing.
13) Once those fees have been put on the back of the loan make your payments on time. Why? Because even with a MOD, we will still call you on the 2nd!
14) Get set up on the automatic payment plan where it withdraws from your checking account on the same date every month. Its free, its efficient and easy. Set it up for the 1st or 16th. We wont call you!
15) If you are going through a MOD, don't go on a spending spree. That 60" Vizio Plasma can wait! Take that money, and start an emergency house fund. Why? Have you ever got sick and missed work? Just because you missed work doesn't mean you don't have to pay! So don't call saying you missed work and can't pay what can we do... we'll tell you you're due for a payment, dig into savings! Just being honest.
Hope this helps! Again, Not every loan can be modified. Sometimes you do have to be 3 months behind to be ran through DEALL another program we use only for accounts that are 3 months behind. It doesn't matter if you have a fixed or adjustable rate. Also, DON'T hire a third party company to get you a loan mod. All they do is take your money to do what I just told you to do.
I wish I could give you my name, the location i work and or a # and email address however if traced back to me I be accused of insubordination and possibly terminated and the economy sucks so I need the job!
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