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The ABC's of Short Sale / Loan Mod - Common Abbreviations

8/29/2016

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ABC's of Short Sale / Loan Mod
We see the abbreviations everywhere and here are a few common ones and what they mean:

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Loan Modification: Questions For Your Bank

8/18/2016

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So you're in a loan modification, and you've been waiting for an answer from your bank.

Here are some questions that may help you to get a better understanding of where you REALLY stand in the process:


    • Is there a foreclosure sale date on my home?
    • (If Yes) Foreclosure date should be postponed during loan modification review
    • Am I in an active loan modification? 
    • (If Yes) What date did I go into review
    • Do you have everything you need to make a decision on my application?
    • (If No) What information do you need from me to get my application under review?
    • What income are you using to calculate my modification?
    • What expenses are you using to calculate my modification?
    • When do you think a decision will be made? (Should be less than 30 days from the date the loan modification went into review)
    • When and how do you recommend I get an update?
    • Are you the best person to call for an update
    • (If No) Could I please have the direct contact of the person I should be contacting.  What are their work hours, and what is the best means of communication (phone or email)?

CONTACT US WITH ANY QUESTIONS!
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