How To Get A Successful Loan Modification Started...

Jan. 10, 2011 - PRLog -- If you are going to attempt a loan modification on your own, you will want to contact your lenders loss mitigation department, not customer service or the collections departments.  Customer service and the collections department, have been known to give homeowners insufficient or misleading information.  Loss mitigation is the right department to speak to, when you contact them they will can give you the requirements as well as give you the website or mail you the specific documents that you need to fill out to apply for a loan modification.  Be prepared to submit all your financials just as if you were applying for a new loan or refinance, such as bank statements, tax returns, W-2's, pay stubs, and retirement accounts.

Once you have all the documents ready for the lender, it may be best to mail your document in, but if you prefer to fax them in, you will want to write you name and loan number on each page so that will reduce the chances of you file getting lost.  Banks usually only use one fax number for loan modification submission and they get hundreds of loan modification submissions per day.  Once you submit your file you will want to follow up with them on a regular basis and take very detailed notes of your conversations with them.

Some lenders do have different names for the loss mitigation department, such as the home retention department or the hope department.  To get to any of these departments you have to go through customer service, so you simply as them what departments handles loan modifications and also see if they will give you a direct number to that department.

Florida - based Author and Loan Modification expert Marlon Baugh specializes in providing information to consumers that allows them to make informed decisions about their mortgage financing options and learn the insider secrets that can save them thousands of dollars over the life of their loan.

Marlon Baugh is available for interviews and will welcome all your mortgage related questions.

http://www.youtube.com/watch?v=nIhAU8CqZcI



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Marlon Baugh is an Author & nationally-known loan modification expert. Since 2003, he has specialized in mortgage loans for people with Bankruptcies, Foreclosure or with other credit issues. For more insider reports please visit http://www.insiderloanmodificationsecretsexposed.com