Virgin Money: Loan Document - internal error 500Image by mary hodder via Flickr

Congratulations! Your loan modification is almost done. Here are just a few tips to wrap up the process.

You’ll receive a loan modification packet from your bank that looks very similar to loan documents. Review them to ensure the following terms are what you agreed to:

  • Interest rate
  • Interest rate reset cap
  • Term of modification (how many years)
  • Monthly payment
  • Good faith payment due
  • New principal balance of your loan

If all of these are in good shape you’ll need to:

  • Sign the documents in the presence of a notary
  • File a copy for yourself
  • Wire good faith payment funds to the bank via the wiring instructions they provide (they will not accept a personal check)

Once that’s all done your loan modification is complete. Congratulations! You made it.

Stay tuned to this blog for more great real estate, mortgage and loan modification advice. Thanks for reading and please share this series with friends and family who may need this help.

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