Top 5 in Real Estate Network® Members are dedicated to providing you with the most up-to-date, helpful real estate information. This monthly newsletter, "Real Estate Matters," offers articles on a range of topics that will inform you in your real estate pursuits.

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This Month’s Social Media Update

Many agents have adopted the use of social media in their daily business, while others may still be unsure how to best use this important medium to increase profits. This monthly newsletter is dedicated to the subject of using social media in your daily business and offers articles designed to inform, inspire and hopefully help increase your bottom line through utilizing today’s best practices in social networking and social media.

SNS - How to Expedite the Loan Modification Process

As a Member of the Top 5 in Real Estate Network®, I am frequently asked these days for my advice on loan modification…specifically, how quickly new loan terms can be arranged. Waiting to find out if your application for loan modification has been accepted can be a nerve-wracking and frustrating experience—especially if you’re still receiving late payment notices and creditor calls. Here are some important insights into the loan modification process from consumer advocate and author Ralph R. Roberts.
1. The loan modification process typically takes 30 to 90 days, depending mostly on your lender. The loan modification timeline, however, is not set in stone. The more complex your situation, the longer the process takes. Borrowers with a lot of collateral issues can see their loans take longer than what has become the typical 30- to 90-day timeframe.
2. A professional can often reduce the amount of time required by processing your paperwork efficiently, presenting your application exactly the way the lender wants it, and knowing from past experience what the lender is able and typically willing to agree to. Find out how long the process is likely to take and mark the dates on your calendar.

3. Refer all matters to the professional who is representing your loan modification. Anything you say to the lender could confuse things or compromise your representative’s ability to negotiate the best deal on your behalf.

4. Log all phone calls and correspondence between you and your lender or representative. Keep track of important dates. Consistent follow up is paramount to a successful modification.

5. Explore other options. If the lender denies your request for a loan modification or presents an offer that you cannot accept, you will need a plan B. Consult a real estate agent about listing your home for sale. Talk to a mortgage broker or loan officer about refinancing. Speak with a bankruptcy attorney to find out whether filing bankruptcy would be a better choice.

6. You might continue to receive delinquency notices or late payment phone calls. Push to have all default and foreclosure actions put on hold while your workout attempts are underway.

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