Making the Call To the Lender
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When you call your lender, be sure to have your account information handy and be ready to give a summary of your financial problems. You should also have recent income statements and your household budget with you.
Be prepared for many conversations and be prepared to complete a “loan work-out” package. You may not be eligible for help without it, so complete it as soon as possible.
Information to have available when you call:
- Loan account number
- Description of your circumstances
- Income documents: pay stubs, benefits statements (unemployment, social security, public assistance, retirement) and for self-employed include tax returns or a year to date profit and loss statement
- List of your utilities or household expenses.
Questions to ask:
- How much time is the lender willing to give you to complete a work-out?
- What are your obligations under the work-out package?
- What are the specifics? Be sure to ask what is due and when.
- Will a foreclosure sale of your property be put on hold while your lender looks at the possibility of a work-out package?
What to expect from the call:
- Expect more than one telephone call from your lender or bank
- The bank will mail you a loan modification or loan workout plan containing instructions.
- Complete the forms and return them to your lender quickly.
- If you do not hear back from the lender in about 7 to 10 days, contact them for follow up.
