1. DO NOT listen to your mortgage company representative when he/she tells you to stop paying your mortgage. You have a contractual obligation to continue paying your mortgage while your loan account is under review for a loan modification.
2. DO get the name and operator identification number of each mortgage representative that you speak with on the phone. Also note the date and the time of the call and take notes on what the particular representative tells you.
3. DO call at least once a week and ask questions about the status of your loan modification. Take notes on what the representative may say during the call.
4. DO write down the outstanding balance of your mortgage loan when you call your mortgage company. At the beginning of the call, they should tell you an amount of your arrearage currently due on your mortgage loan account. Write that amount down as well as the date, time and name of the person providing you that information. Sometimes that amount changes without rhyme or reason. Make sure to log that amount in case you will need to file suit against your mortgage company for any wrongdoing the company may have committed.
5. DO log every fax and every document that you send to your mortgage company. They have a tendency to "lose" documents when they are supposed to be a paperless organization.
6. DO confirm that copies of your tax returns are signed. When you file electronically and print a copy, sometimes we forget that the printed copy must be signed or the mortgage company may delay processing your request for a loan modification.
7. DO NOT ignore any communications from the mortgage company. Open all correspondence immediately.
8. DO NOT ignore any paperwork served by the sheriff's office. Your mortgage company may tell you to ignore the paperwork and that it is just a formality; and that they are still working on your loan modification. However, if the sheriff serves you a Writ of Seizure, or any other document, you need to pay attention to it.
9. DO weigh all of your options if you are in the midst of a financial hardship.
10. Do call us if you believe that your mortgage company has been untruthful and negligent in the servicing of your loans.
For more information or a consultation, please call our office and schedule an appointment. 504-814-0LAW (814-0529).
This posting is for informational purposes only and is not meant to create an attorney-client relationship or to be considered legal advice.