How Loan Modification Can Be Used To Stop Foreclosure?
Foreclosure is on the rise in Nevada, and everyday scores of homes are foreclosed in Nevada through non-judicial foreclosure process. Remember, there are two kinds of foreclosure: Judicial and Non-judicial and Nevada is a non judicial foreclosure state. In this article, we like to discuss how to avoid an impending foreclosure by starting a loan modification request.
Rule No. 1: Open channels of communication with your bank. Call the Loss Mitigation, or Loan Modification number of your bank right away. Do not hesitate on this issue under any condition.
Rule No. 2: Find and give your financial information right away. Make sure you ask the bank if they have a package for financial information needed to be send to them. Download from their website and sent it to them on the given fax number. Make sure you get the right fax number from Loss Mitigation Department.
Rule No. 3. Tell your lender that you are a primary home owners and have no intention to let this property go to foreclosure.
Rule No. 4: Tell your lender that you have a great payment history.
Rule No. 5: Tell your lender your story, either on phone or via letter. Send a strong hardship letter to them.
Rule No. 6: Ask them again and again if they have received your documentation. If not, send them again.
Rule No. 6: No need to argue, or indulge in heated discussion. Talk on the same level as your representative. Most of these folks are hard working and eager to help. Their education level is slightly above the high school levels, and some of them have this job as the starter job in their career.
Rule No. 7: Do not lose temper under any condition.
Rule No. 8: Write a diary in a systematic way, and write down the name of the representative, name of the supervisors, and date and time.
Rule No. 9: It is hard for your lender to foreclose as well. They will lose half of the value of the home, and they are also trying their best to stop it.
Rule No. 10: Ask them again and again, if they want short sale if loan modification is not possible. A yes answer means more time, and meanwhile you can chalk out other strategy.