Processing Steps - What you can expect
- A call from our verification department. We will contact you to review the information you provided on the Financial Statement and Hardship Letter.
- Update from your Velocity Negotiator. You will receive updates from your negotiator apprximately every two weeks or if there has been a major development on your file.
- Your Mortgage Company Collections Department will continue their collection efforts. Even though we are now on your case, most banks’ collection departments and loss mitigation departments do not communicate. Therefore, the collection department of your mortgage company may continue to contact you. When they do, explain to them that you are working on a “loan modification” and you will resume payments when approved.
- The process takes 30-90 days. Most banks were not prepared for the increased loan modification activity and are not adequately staffed. Getting your loan modification will take time so please be patient.
- A conference call with your lender. We may call you for a conference call with your lender. Most cases we will be able to let you know ahead of time, yet in certain this will be an urgent call. Please be flexible and prepared when we contact you.
These items will be needed to complete the underwriting process:
- Monthly expense report listing all monthly bills
- Pay stubs for each borrower for one month, or other income information
- Copies of most recent bank statements for most recent 60 days
- Signed federal tax return with all schedules
- Most recent mortgage statements (1s and 2nd mortgage)
- Hardship letter
