Traveling down the highway on a road trip and dealing with a loan modification can be very similar. In both cases, you will encounter unexpected events and find yourself in need of directions from someone who knows the area or a good map. Before starting either adventure, you should have a basic "map" of where you are starting and where you need to go. Your trip through the loan modification process has significant checkpoints that you will need to visit with tasks that will have to be completed before you can travel to the next point.
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The most significant checkpoints you will encounter during loan modification will be; initiating contact with your lender, creating a statement of hardship, contacting a loan modification company, filing all paperwork with the lender, and waiting patiently. The last point is a reoccurring theme to the loan modification trip.
What every traveler must do for a successful trip is take a first step in the right direction. Your first step will be to contact your lender or further your loan modification knowledge. Be sure to contact the lender directly, not the collection agency since the collection agents will not be able to negotiate your loan modification. Speak with the lender and ask if they have a preferred method of beginning the process for their office. Most offices will flag your account to announce your intent and possibly give a period of forbearance to accommodate the long road of paperwork ahead.
The next way-point is the creation of a hardship letter. Check with the lender to see if they have a form document, sample letter, or checklist you can use for your letter. If you are unable to find an example, you can check online, your local library, or you may possibly need to move on to the next checkpoint of your trip.
Contacting a loan modification company is a significant way-point for your adventure. You may be struggling with paperwork you have laying around the house and are unsure what you need for your hardship letter, or any other letter for that matter. An expert in loan modification can be of great assistance, as well as a well prepared loan modification kit. You can think of the expert like a gas station attendant on your road trip. The attendant knows the area very well and can give you excellent directions when you are lost or need a quick path to the next checkpoint when time is short. However, these loan modification experts can charge well over $1,500 and reputable companies should not charge money up front.
The loan modification expert can also help you get through the tasks of the next checkpoint. At this checkpoint, you will have already contacted your bank and should have been set a packet of paperwork to fill out with directions. The loan modification company can assist you with filling out the paperwork quickly and accurately in order for the documents to be processed in the most time effective manner possible.
Time is of significance in this trip since missing the deadline can cause significant future expenses and hassles. Be sure to get all your paperwork in quickly, then move on the last checkpoint; waiting for the answer.
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