I no longer need help!

The Tim says, “My wife and I applied for a modification in January and still not gotten a response.  We have not paid the bank any money since we sent it in since January and now I got called back to work.  So my finances are different than when we apply.  How should I handle that?”  That’s a great question, Tim, and here’s what I always recommend to people when that happens during the loan mod process.

I recommend you don’t do a thing because you don’t know how long this could take.  I mean, January, I’m sorry to tell you, isn’t all that old application.  That’s just average.  So, honesty, you just got out of – it didn’t say what bank it was but you just got out of the imminent default department last month.  So, really, they just started working on your loan mod last month.  And honestly, they’re not really pushing hard on the loan mods until it gets close to foreclosure.

So, if I were you I would just hang in there, let the package that you submitted percolate and let them ask you for the next bit of information but begin to run your numbers in terms of how well or if you will even qualify with your new income because when they ask you, then you’re going to have to report your new income and you want to be sure that you’re in control of how that goes.  Do you see what I mean?  So, begin to run your ratios, begin to do your figuring.

But see, you don’t know if they’re going to give you a loan mod next week.  You don’t know if it’s going to be four months from now and you will have been laid off again.  So, leave well enough alone.