EverHome Mortgage Inc. Loan Modification

EverHome Mortgage Loan Modification Process

Everhome mortgage has a conventional process for Loan Modification very similar to the procedure of other companies:

1. Process is initiated by a phone interview.
2. Completion of EverHome Request for Mortgage Assistance package and submition along with supporting documents and complete finances.
3. A Property Valuation is Completed using a Broker’s Price Opinion (If, Applicable) – Often this is done via an automated valuation model (AVM)
4. Terms of Modification Are Reviewed, Negotiated and Sent To Underwriting
5. Lender Provides A Response

Regrettably, the loan modification process with EverHome Mortgage is never easy. That is why we, Absolute Consultant Group (ACG) are here to support homeowners through the process. Often you will have to move back and forth with EverHome Mortgage. It is very typical that you will have you submit the documents again and again. Often you will be faced with a problem that you will be transferred from department to department having you run around from EverHome Mortgage Loan Modifiation Department to EverHome’s Customer Service Department. Often clients come to us after submitting the wrong information on their application, getting denied, and not being able to figure out what happened. Our staff is available to review your paperwork and to help you step with the best foot forward. Call us at 888-934-3444.

EverHome Mortgage Loan Modification Timeline

There is a lot of bureaucracy involved when you are dealing with a company like EverHome Mortgage. The timeline of EverHome Mortgage Loan Modification varies due to various reasons some of which are simple but some are not so simple. Here are a few of the reasons this question has such complicated answers.

• For one, EverHome Mortgage is a company that only works a mortgage servicing company. This means that they service loans on someone’s else behalf known as an investor. As a servicer they have to abide by their PSA or Pooling and Servicing Agreement that they have with each investor. The investor may have allowed the company to make some decisions on its behalf but for the decisions that they are not allowed to make they have to get permission from the investor. Some investors such as Fannie Mae (FNMA) and Freddie Mac (FHLMC) have pulled almost all decision making authority from most servicers. As you can imagine the more parties invovled the longer it takes and the more someone like EverHome’s Mortgage Department has their hands tied.

• Another issue, The other thing that effects the loan modification timeline is the urgency, the business is based on first come first serve model untill you ask the question that whether you loan has a sale date? If it does, chances are you are going to get bumped up in the process. Servicers such as EverHome Mortgage have homes going to sale just about all the time. Sales even set a week from today are not worked as urgently as you might want because of foreclosures pending going to auction between today, tomorrow and the next day. Remember this business is a first come first serve but it is also influenced by foreclosure status and proximity to the sale date.
• Lastly, There is no one program that fits for all mortgage solutions. You often will be reviewed for a large number of programs. If you don’t qualify for the first modification type they will review you for the next one. In the banking world departments become very specialized in their  particular types of programs. Loan modification negotiators review only loan modifications and short sale negotiators only review short sales. The method is called the waterfall process and you will also find that often you are reviewed by different loan modification departments at each step of the waterfall.

EverHome Mortgage Loan Modification Timeline Conclusion: Sorry to say but time frames vary greatly. Whether the decisions can be made in house or have to be sent out for appoval, whether you fit the first plan you are reviewed for or the 10th plan, along with factors outside the bank including but not limited to how fast they are able to get their property values back from valuation companies, how fast documents are received legibly on their end and much much more all effect how long it will take for your EverHome Mortage Loan Modifiication to be reviewed.

Dealing With An EverHome Mortgage Loan Modification Decline

Often dealing with an EverHome Loan Modification Decline can be confusing. Understanding the details of all the plans and how that conflicts with your information is key. Here at ACG we have dozens of points we review in order to understand why your EverHome Mortgage loan modification was rejected. Have us review your declined modifcation for free by calling us at 888-934-3444.

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