Trying to get a loan modification is anything but an easy task, and it very well may be a long drawn out process that discourages even the most desperate mortgage holder. Be that as it may, some banks are definitely easier to work with than others. It appears to be that with 90% of banks offering some sort of loan exercise plan that it ought to have gotten a lot easier at this point, yet that is basically false. Find out how your bank ranks in the loan mod stats and learn some tips that can assist you with moving through the process a lot easier and faster.
Here are the rankings on the large banks in relation to the number of loan modifications they have actually finished for financial strapped borrowers:
- Citimortgage leads the pack with the most loan mods since the programs began
- JP Morgan Chase is a nearby second and is aggressively contacting borrowers who fall behind on their mortgage payments to allow them the opportunity to apply for a loan modification
- Wells Fargo follows with an increase lately in loan exercises, yet can be demanding about income documentation
- Bank of America, the largest holder of delinquent mortgages also is the most minimal on the totem post when you take a gander at their overall performance on loan mods
The easiest banks to work with for loan modifications are the ones who are participating in the federal program called HAMP. In any case, in additional to that they also have very much trained personnel who actually know what they are talking about and will give some guidance to confused and frustrated borrowers and find more. There is nothing more upsetting than getting the run around from your loan specialist when your house is on the line, and to add insult to injury frequently you will be told totally different answers from the same department!
Regardless of whether your bank is one of the easiest for loan modifications or not, the real confidential to getting a fast approval is to make certain that your loan mod application is not only finished, however that it is finished effectively. This means that your monthly income, monthly costs and bank balances all fall within the standard approval guidelines. If you do not know how much income or costs you need to qualify, you may want to utilize a loan modification software program that will do all those calculations for you automatically.