Thread: Loan Recourse

Mistake 2:
Paying a fee up front to
an attorney or loan modification
company without knowing what to
expect through-out the process, and
verifying that the company
representing you is operating in
compliance with the law and has the
experience necessary to be successful.
Know what questions to ask and how to
protect yourself from scams.

Regards
Pearl

Mistake 3:
Wasting valuable time by
trying to negotiate with your bank
when they call you to demand payment.
You will never get anywhere speaking
with the collections department, hang
up and call the correct department-loss
mitigation.

Regards
Pearl

Mistake 4:
Not convincing your bank
that you have suffered an acceptable
financial hardship that has caused you
to fall behind. There are 3 critical
elements that your bank is looking for
in your Hardship Letter-do you know
what they are?

Regards
Pearl

Mistake 5:
Missing information,
incomplete loan modification forms or
incorrect information can be the kiss of
death for your application. All the
information you provide will be
verified-this is a full disclosure
process-make sure you itemize all of
your income and assets and complete
the loan modification forms properly.

Regards
Pearl

Mistake 6:
Submitting your loan
modification proposal without making
sure it meets your banks guidelines for
approval. Why take a shot in the dark
when you can learn what your lender
needs to see to approve your proposal
so you can prepare your application
properly

Regards
Pearl

Mistake 7:
Giving your bank an
incomplete loan modification package
that does not include everything they
need to see the first time. Missing
items or incomplete paperwork will
cause your proposal to be delayed or
worse-denied! Make sure you have
submitted a complete and accurate loan
modification application.

Regards
Pearl