Loan Modification is a long process in which paperwork is submitted back and forth to the lender or bank and analyzed and reviewed. Additional documents may be requested by the lender and and reviewed further. This process can take upwards of 90 days until a loan modification is achieved. To be efficient at this entire process, a loan modification representative must be attentive to each step and make sure the documents needed are in order and ready to submit to the lender.
The first step initially is consulting with the client and interview them about their current situation.
This is where you ask your client the following questions:
Are you currently late on your mortgage?
If so, how many months?
Are you in default on your payment?
Why are you late?
These are some of the basic questions asked during the interview phase of the loan modification process. What is important to remember is to probe and find out what the reason is for your client being late on their mortgage. This is very important when drafting what is called the hardship letter. The hardship letter is a letter sent to the lender which outlines why the client is late on their mortgage. This could be due to a number of reason including,adjustable rate mortgage, loss of job, change in income, and other reasons. The main reason must be identified and written in a professional letter. This hardship letter is a very important part of the loan modification package and may make or break a deal.
Loan Mod Pro has a loan modification hardship letter generator in which allows you to quickly write and print a hardship letter for you instantly using the software. It even gives you suggestions on what you should write about to be effective. This is a very useful feature when doing a loan modification for your client. In addition, Loan Mod Pro will instantly produce all the forms for you when doing a loan modification quickly and easily.For more information about Loan Modification Software, Forensic Loan Audit visit http://www.loanmodificationsoftwaress.com/
