How to accelerate the process of loan modification?

Foreclosure is always a race against time. Although a mortgage modification can slow the process, you have few options for the longer you wait. Not all lenders have the personnel or experience to handle changes in mortgage. Even with a capable agent, the process can drag on for months.

But you do not sit and wait. There are some things you can do to speed up the process. Once your mortgage modification is under way, these steps can help you get more positive results.

1. Put on paper. It is not uncommon for lenders, particularly smaller ones, to lose track of your application. To prevent delays, make sure that all your efforts are documented and kept on file. This includes all calls that you receive from your lender and agent of change for a loan. Keep receipts of all your transactions, and pull the copies so you should not let go of the originals.

2. Make your own records of financial accounts. A portion of each modification of mortgage is a financial worksheet, which will serve your basic primary qualification. Most lenders have their own forms, but it does not hurt to make your own as well. If your lender insists on using their worksheet, at least you’ll have all the information ready.

3. Be the then detailed as possible. Too much information is better than too small, and it limits the chances that they will call you for more information. A worksheet for a typical mortgage loan modification include the following:

- Your contact information (address, home phone and work phone, send fax and email)

- Information about your property, including the expected value

- Your current income

- Any additional income, such as welfare, child support, etc..

- Your total value available, including other assets such as real estate, investments, savings and current accounts, IRA, 401 (k), stocks and bonds

- Responsibilities, such as existing loans and monthly bills, medical expenses, and tax privileges

4. Keep all your bills. The financial worksheet require you to dig up old bills and keep up on those who continue to come. This will help you maintain the information as accurate as possible. You may also have to submit the invoices (or copies of them) with your letter of hardship that explains why you need a mortgage modification. Even if they do not ask it, it is best to include them anyway. In this way, there is no reason to doubt your lender of your report. More proof that you have, the better your chances of obtaining that mortgage modification.

Be sure to submit all true and verifiable information to your agent for change of loan so they can compile the best case for you with your lender.