The loan modification clock is ticking for homeowners who are delinquent on their mortgage. Fannie Mae has announced a Call to Action plan that is stressing banks decide quickly which loans to modify and which ones to foreclose. It seems that the delays of the past where a borrower could live in their home without making payments for many, many months are coming to an end. If a borrower is not making payments, then they had better apply for a loan modification quickly, or their bank may begin foreclosure right away.
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Fannie Mae is taking the stance that lenders need to secure their interest by acting quickly and are demanding that lenders and servicers provide a good reason why they have not begun foreclosure or collection on a bad mortgage debt. The lenders will be subject to fines if they cannot prove that there is a loan modification file in process or that a foreclosure or short sale is being pursued. So, the responsibility now falls back on the homeowner to make certain that they are not just sitting back and doing nothing while the clock keeps ticking.
The reality is that a loan modification is often a win-win for lenders, servicers, borrowers and Fannie Mae. But, if a homeowner does not prepare and submit an acceptable loan mod application, they may find themselves facing a sale date sooner than expected. It is more important than ever for borrowers to proactively work on their loan modification so that they will have the best chance of keeping their home. Now that Fannie Mae is bringing down the hammer, long delays will not be tolerated. This is the best time to get your application in the system because review times are much shorter and an answer will be provided quickly.
The best way to make certain that you get a loan modification is to understand the approval guidelines and then prepare your application so that it fits right in. Sometimes a minor adjustment to your budget is all that is needed to qualify-but if you do not know this ahead of time you will not be able to fine tune your figures. You may want to get the help of a software program that is designed specifically for borrowers-all of the critical approval triggers will be calculated for you automatically and you will see immediately if you need to make any adjustments. The foreclosure clock is ticking, and now is not the time to guess at how to qualify for a loan workout.
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