Here is a question from YouTube channel DebtLaw about Loan Modification.
7 hours ago
What can cause a loan modification to get denied ? I am currently in the process. Is there anything I should be avoiding to do? Anything I can be proactively doing ?
1 minute ago
Hello – Here are the biggest and most common mistakes people make when applying for a loan modification:
1) Failing to send all the documentation the bank requests. This is the number one reason people get denied before there is a decision. Make sure you send the most recent bank statement. It might be worth waiting until you get your next bank statement to apply. The process takes a few weeks until they actually look at your application, so you might as well wait until you have all of your bank statements in order. Also, be sure to send your most recent paystub (if you have one vs. Profit and Loss). If you are getting paid next week.. wait until you get that check before sending in your package.
I will be doing another video this weekend on this topic and will talk about this mistake and some others. Subscribe and I hope it helps you.
I know it is a stressful experience… but keep going. It is possible to obtain a loan modification and save your home.