If you’re trying to get a loan modification the best advice can be -Don’t give up too soon!
Here is a real life example. A client recently called us for advice. He had worked for months with the bank, only to find that they had denied his Loan Modification. He was considering his options. Should he walk away, and allow the home to go back to the bank? Should he do a short sale?
We asked him “WHY was he denied?” And found that it was because he did not meet the income requirements. We suggested that he contact the bank again to verify the income that they had on file. Sure enough! The bank had the wrong amount; way below his true income! The modification again resumed, and he is able to keep his home.
So when you get that denial letter, please don’t give up! Find out WHY you have been denied, Apply again for the Loan Modification, Find out if the Bank is offering a government sponsored Loan Modification. Contact the Knight Team if you need any help. If you have a similar experience, please include it on our blog.
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