Top 5 Loan Modification Mistakes and How to Avoid Them from Marshall Carrasco, #1 Short sale expert in Reno, NV
01-Jun-2012 | News-Press Release
Marshall Carrasco is a short sale expert and owner of Marshall Realty at Reno, NV. A top producer in the Washoe area, Marshall has been successfully helping his clients to purchase and sell homes for over 14 years.
A loan modification is the process through which you mortgage lender agrees to change your loan to make the payments more affordable. When considering a loan modification, be aware many companies are offering to assist you in reducing your mortgage payment.
In today's shifting market the most important safeguard you can take in preventing lost opportunities and avoiding scams is by staying educated. Here is a list of the top loan modification mistakes and how to avoid them.
1. Gather documents after applying - You should sit down and make an assessment of your total monthly income and expenses before you submit any numbers. Also gather all relevant documents to show proof of income. You don't want to begin a loan modification review only to keep your lender waiting around while you begin searching for everything they request.
2. Waiting until the lender contacts you with updates - Follow up is a ton of work and takes up quite a bit of time, but you must call at least once a week. You will most likely get the same response for weeks on end, but you can never count on your lender contacting you if they need something. They may close the review if a document is requested for too long with no response; calling at least once a week throughout the loan modification process is the only way to do it.
3. Not properly identifying documents - Include loan number on every document you send. Your lender receives a never ending stream of faxes and as you can imagine, if one page is separated it will never find its way without the loan number.
4. Not signing the proper forms - Sign the tax forms.It's a very simple one but many people just assume that their taxes are already signed and send them out. This may cause your lender to continually ask for tax returns when they have already been provided. Avoid this by reviewing any tax docs provided and sign in the appropriate spots.
5. Giving up after your lender denies the application - Never give up. Many people spend countless hours desperately trying to modify their loan, only to have it denied in the end. This doesn't mean you're out of luck and many times you may be closer than ever to success. You will need to ask why it was denied and then work to correct any inaccurate information as fast as possible. People are denied everyday for mistakes that can sometimes be fixed very easily, don't let it happen to you and never stop trying.
Why choose Marshall Realty?
Marshall Realty provides Short Sale, Foreclosure and Real Estate Services in Reno, NV.
- By working with Marshall Realty you will benefit from the experience of over 4 years in successful short sales. Longer than any other agent in the Washoe Valley.
- We are familiar with the short sale requirements of each lender.
- Your calls will be answered! You will be kept up to date every step of the way.
- Your property is listed in MLS and available to all interested buyers.
- You will not have a sign advertising it as a "Short Sale" or "Pre-foreclosure".
- You never pay a fee. Lenders pay the commission from the proceeds of the sale.
Marshall Carrasco is a short sale expert and owner of Marshall Realty. A top producer in the Washoe area, Marshall has been successfully helping his clients to purchase and sell homes for over 14 years. Find relevant articles about short sales, foreclosure, and loan modifications at RenoHelp.org. RenoHelp.org is your one stop resource guide to find relevant articles about short sales, foreclosure, and loan modifications.
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