It must be noted that we are not giving advice on whether any particular property or borrower can avail themselves of the new FHA loans. For that, the borrower will have to have the situation underwritten by the FHA lender. These comments are generalities only, but bear upon a borrower's consideration of whether they have any real chance of obtaining such a loan. This Act gives the FHA 300 billion dollars to be used between October of 2008 and September of 2011 to refinance certain loans made prior to January 1, 2008. It is intended to allow homeowners who cannot afford their present loans to refinance them through cooperating lenders and holders.
First Critical Element: Knowing which department actually processes your loan. One major mistake homeowners make is calling in and not finding out who is actually reviewing your loan. They call in and just simply ask if they have been determined eligible. If they are told "yes" then they are excited and if they are told "No" then they are not sure what to do. The department every application for a modification is sent to the Loss Mitigation Department. Now that you know the department your file will be reviewed you can make sure you are speaking with someone from this department.
Second Critical Element: Knowing if your file is actually in review. If you are calling up only to find out if you have been received or not, then you lessen your chances for your file to be accepted or to get the run around. Your file will typically receive two reviews before accepted. As such, when you call in after you have sent your application in you will first want to know if you file is in review. The second is the underwriter review. If you know your application has already been reviewed (or in review) follow up with your bank weekly to verify that it has been sent the to underwriter for final review.
Third Critical Element: Take good notes. When you have called in for technical support you will almost always receive from the employee their name and identification number. Be vigilant in taking notes as to how the conversation went and what was said. Make sure you write down the time you called, the person's name and their identification number. When you call in and they say your file is not in review, but last week you spoke to an individual who said your file had been assigned to a representative for review, then you have something you are able to draw from with the correct identification of who you spoke with.
This will provide homeowners with an upper-hand verses calling in and telling somebody you don't know who you spoke with, but you were told this. They are more likely to act on what you said if you can provide specific details from the conversation previously. These critical elements and others will help increase the chances of every homeowner who is looking to modify their mortgage payment. Other information can be found in many sources, however one source worth looking into is ebooks.
First Critical Element: Knowing which department actually processes your loan. One major mistake homeowners make is calling in and not finding out who is actually reviewing your loan. They call in and just simply ask if they have been determined eligible. If they are told "yes" then they are excited and if they are told "No" then they are not sure what to do. The department every application for a modification is sent to the Loss Mitigation Department. Now that you know the department your file will be reviewed you can make sure you are speaking with someone from this department.
Second Critical Element: Knowing if your file is actually in review. If you are calling up only to find out if you have been received or not, then you lessen your chances for your file to be accepted or to get the run around. Your file will typically receive two reviews before accepted. As such, when you call in after you have sent your application in you will first want to know if you file is in review. The second is the underwriter review. If you know your application has already been reviewed (or in review) follow up with your bank weekly to verify that it has been sent the to underwriter for final review.
Third Critical Element: Take good notes. When you have called in for technical support you will almost always receive from the employee their name and identification number. Be vigilant in taking notes as to how the conversation went and what was said. Make sure you write down the time you called, the person's name and their identification number. When you call in and they say your file is not in review, but last week you spoke to an individual who said your file had been assigned to a representative for review, then you have something you are able to draw from with the correct identification of who you spoke with.
This will provide homeowners with an upper-hand verses calling in and telling somebody you don't know who you spoke with, but you were told this. They are more likely to act on what you said if you can provide specific details from the conversation previously. These critical elements and others will help increase the chances of every homeowner who is looking to modify their mortgage payment. Other information can be found in many sources, however one source worth looking into is ebooks.
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