Loan Modification Questions to Ask Your Mortgage Lender - dummies

Loan Modification Questions to Ask Your Mortgage Lender

By Ralph R. Roberts, Lois Maljak, Joseph Kraynak

Part of Loan Modification For Dummies Cheat Sheet

When seeking a loan modification, you first contact your mortgage lender or servicer (who collects and processes your monthly mortgage payments). To increase your chances of modifying your mortgage, ask plenty of questions, including the following:

  • What workout solutions are you currently offering distressed homeowners?

  • What are your loan modification eligibility requirements?

  • How do I obtain a loan modification application package?

  • How long will it take you to process my application?

  • How long does the entire modification process take?

  • When can I expect to hear back from someone?

  • What should I do if I continue to receive late payment notices?

  • Does my applying for a loan modification stop any foreclosure proceedings?

  • Are you participating in President Obama’s Making Home Affordable modification plan?

  • Whom do I call (name or employee ID number and phone number with extension) to get a status update on my modification?