| CUSTOMER TIPS |
Advice and Timelines:
EST timeline to completion – 60-120 days.
***Depending on Servicer/Lenders individual turn times.***
Please NOTE: Each Servicer/Lender has their own forms that must accompany your Hardship letter (detailed letter as to the hardship that caused you to fall
behind- be as detailed as possible), 30 days proof of income for anyone contributing to the household expenses, and a list of expenses for the monthly household
expenses, so please call your Servicer/Lender to see if they have any forms they require before you fax everything in.
**HINT: A complete package sent in the first time eliminates a lot of unnecessary delays and holds ups with your file so make sure to get a
complete list of items needed from your Servicer/Lender and then send everything all at one time.
**HINT: Write your loan number clearly on the top right hand corner area of each and every page you fax so it all gets assigned to your
account correctly.
** Call times: Please be advised that lender HOLD times can be in excess of 45minutes. The banks are extremely busy, so you will need to
be patient.
Fax Confirmation: After faxing your complete package to your Servicer/Lender, wait approx 3-10 days for them to “check in” your fax, then
call to confirm your file is posted as “received” and that they are not missing ANY items. Repeat this step as needed if Servicer/Lender
does not receive your first fax transmission- they are extremely busy and its not uncommon for faxes to not be located so make sure to
follow up.
Get an ETA: After confirming your Servicer/Lender has received and posted your pkg to get you in line to be reviewed, be sure to ask how
long they expect before your file is assigned to a “negotiator”. Depending on the time frame they give you, we suggest calling in HALF that
amount of time in case they determined they need something additional and it’s holding your file up from being assigned you can be
proactive and get that over to them right away as to not be delayed in being assigned a negotiator.
**Turn times to be assigned to a negotiator is usually anywhere from 30-60 days depending on your Servicer/Lender.**
Once assigned to a Negotiator: Ask your Servicer/Lender the ETA for the Negotiator to actually get started working on your file. Update your
financials: Once your file has been assigned to a negotiator, be proactive and fax in your updated paystubs . Follow up with fresh financials
every 30 days. Make sure you reference your Loan Number on each page you send (no exceptions). This will help with unnecessary
delays.
** Turn time for negotiators to get to review files is usually anywhere from 30 -45 days.
Decision: Upon the decision to approve your loan modification- your Servicer/Lender will send your modification papers to you via overnight
or US mail. Your modification papers will have specific instructions as how to complete and return to your lender by a specific due date.
You must follow those instructions to a T because if anything is missing they can throw out the entire approval and you may have to start all
over.
Post Decision Follow Up: After sending back completed, signed loan mod approval paperwork and ALL additional required funds and/or
documents make sure you follow up with your Servicer/Lender daily until they have confirmed delivery and posting of you paperwork and
down payment if one is required.
**Important reminder notes:
EST timeline to completion – 60-120 days.
***Depending on Servicer/Lenders individual turn times.***
Please NOTE: Each Servicer/Lender has their own forms that must accompany your Hardship letter (detailed letter as to the hardship that caused you to fall
behind- be as detailed as possible), 30 days proof of income for anyone contributing to the household expenses, and a list of expenses for the monthly household
expenses, so please call your Servicer/Lender to see if they have any forms they require before you fax everything in.
**HINT: A complete package sent in the first time eliminates a lot of unnecessary delays and holds ups with your file so make sure to get a
complete list of items needed from your Servicer/Lender and then send everything all at one time.
**HINT: Write your loan number clearly on the top right hand corner area of each and every page you fax so it all gets assigned to your
account correctly.
** Call times: Please be advised that lender HOLD times can be in excess of 45minutes. The banks are extremely busy, so you will need to
be patient.
Fax Confirmation: After faxing your complete package to your Servicer/Lender, wait approx 3-10 days for them to “check in” your fax, then
call to confirm your file is posted as “received” and that they are not missing ANY items. Repeat this step as needed if Servicer/Lender
does not receive your first fax transmission- they are extremely busy and its not uncommon for faxes to not be located so make sure to
follow up.
Get an ETA: After confirming your Servicer/Lender has received and posted your pkg to get you in line to be reviewed, be sure to ask how
long they expect before your file is assigned to a “negotiator”. Depending on the time frame they give you, we suggest calling in HALF that
amount of time in case they determined they need something additional and it’s holding your file up from being assigned you can be
proactive and get that over to them right away as to not be delayed in being assigned a negotiator.
**Turn times to be assigned to a negotiator is usually anywhere from 30-60 days depending on your Servicer/Lender.**
Once assigned to a Negotiator: Ask your Servicer/Lender the ETA for the Negotiator to actually get started working on your file. Update your
financials: Once your file has been assigned to a negotiator, be proactive and fax in your updated paystubs . Follow up with fresh financials
every 30 days. Make sure you reference your Loan Number on each page you send (no exceptions). This will help with unnecessary
delays.
** Turn time for negotiators to get to review files is usually anywhere from 30 -45 days.
Decision: Upon the decision to approve your loan modification- your Servicer/Lender will send your modification papers to you via overnight
or US mail. Your modification papers will have specific instructions as how to complete and return to your lender by a specific due date.
You must follow those instructions to a T because if anything is missing they can throw out the entire approval and you may have to start all
over.
Post Decision Follow Up: After sending back completed, signed loan mod approval paperwork and ALL additional required funds and/or
documents make sure you follow up with your Servicer/Lender daily until they have confirmed delivery and posting of you paperwork and
down payment if one is required.
**Important reminder notes:
- Any and all items requested from your lender should be delivered within 3 days! Many lenders will cancel a file for inactivity if
items requested are not received by them in a very timely fashion and you don’t want to start over from the beginning. - Reference your loan number on every document page during the follow up process.
- Update financials every 30 days along with cover letter “Updated Financials”..
- Be diligent and patient. .
| Our business is helping families stay in their homes |
1-800-426-5626
Loan Modification Experts with a proven
track record through TheBrokerNetwork.com
track record through TheBrokerNetwork.com
