Tina Evans

Ashwaf: While the information given in the previous response has good information, you must be aware and prepared that the process willmore than likely take a long time. Mortgage companies and banks have a tremendous backlog of loan modifications. You can reasonably expect them to take 60 to 180 days (some even longer). You will need to be on the phone every week in the beginning until a negotiator has been assisgned., Once that person has been assisgned continue to call them weekly. If the modification has been approved by the underwriters, call on a daily basis for status updates. This is a case where the squeeky wheel will get oiled. Due to the magnatude of volume of modifications and loans you need to ensure you don't slip through the cracks. If it becomes difficult to get information from your lender, then you may need to seriously consider hiring a real estate attorney that is experienced in working modifications, short sales and foreclosures. The rules are not the same for every lender and there are some lenders that will begin a modification process but then also start foreclosure proceedings. You just need to be very involved and patient.
If you need more information feel free to contact me. Good luck!

TIna Evans, Broker
tina@tinaevans.net - Sat Nov 28 2009, 05:54