Loan modification is an excellent way to restructure your payments so that repayment fits within your budget. Yet, the process for loan modification can be tricky. What many may be surprised to learn though, is that some of the reasons for the modification process being delayed can be traced back to failure to follow the instructions.
The Most Common Mistakes
The issues most prevalent when submitting loan modification paperwork are for the most part oversights. However, the experience and expertise of an attorney who processes modifications will ensure that they don’t happen. Here are some of the mistakes most frequently made by people applying on their own.
- Paperwork was sent to the wrong place. When you apply for loan modification, your servicer will require you to send in a signed loan modification agreement. Many people, having just sent in payments for trial modification, assume this agreement will be sent to the same address. Unfortunately, that’s not the case, and sending the documents to this address tacks on unnecessary time to the process. Your bank will instruct you on where to send your agreement, so pay careful attention to the address specified. If they provide you with a pre-addressed envelope, the work is done for you as long as you use it.
- There’s an issue with the notary stamp. The signed agreement needs to be stamped by a public notary. Many forget to have it notarized, or more frustratingly so, the notary doesn’t stamp the paperwork in the correct place. Even if the notary stamps just slightly out of the designated spot, you could have a problem and end up getting rejected.
- Failure to send everything back. When completing the agreement, it’s important to note that you don’t only need to send back the signed portions. In the event that you do this, you’ll be tasked with sending all the paperwork back and starting the process all over again. On that note, you also need to make copies of the entire agreement. In the event that a simple mistake is made in the process, or the paperwork is lost, you’ll save yourself time and stress by having your own copies to reference.
You can avoid these kinds of mistakes by hiring an attorney who handles loan modifications to prepare the paperwork. Many attorneys don’t process modifications because of the time it involves, but the Miami foreclosure attorneys at Graham Legal are committed to helping you through the process to increase your chances of success. We’ll make sure the i’s are dotted and the t’s are crossed, so you don’t have to. Contact us today to get started.