Mortgage Loan Modification Protocol -steps 4 and 5See Steps 1 and 2 to loan modification protocol
Step 4 of the mortgage loan modification protocol...4. Have pay-stubs and recent bank statements on hand. The lender will require that you fax all these documents to them for their files. Step 5 of the mortgage loan modification protocol...5. Set aside several hours. Yes several hours... The initial call to your lender will be lengthy—as long as three to four hours. You might be on hold for at least 45 minutes before you even speak with someone. Prepare yourself mentally so you will not be frustrated when you finally get through. You will want to conduct yourself well when you speak to your lender. If you get hot-headed, the bank may decide they don't want to deal with you. Unless your lender has used deceptive mortgage practices or caused you damage by unreasonable servicing methods (see item #8 below), the lender is in the driver's seat. Once you have the above items in hand and have set aside at least three hours, you are ready to CONTACT YOUR LENDER.
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