Do It Yourself Loan Modification - Call Log

December 9, 2008

Continuing our discussion of loan modifications, actually do it yourself loan modification information, today I want to talk about the importance of maintaining a call log and offer up a basic form you can use.

If you are going to attempt a loan modification on your own, it is important to document everything as you proceed.  A simple call log sheet can go a long ways if you need to reference something you were told months ago.  It can help keep you organized, and also allows you to reference what you have been told without having to second guess yourself.  In addition, if your home does go to foreclosure, it can document all of your efforts to negotiate with your lender.  You will most likely be talking with a different person every phone call, having a record of what you discuss with who is very important.

You should be talking with someone from the loss mitigation department at least once a week if you are attempting a loan modification.  Each and every time you should document the date and time of the call, who you spoke with, the details of what you discussed and what instructions you were given.

For example, if I called in on December 1 at 3pm and spoke with Cathy, who told me that my file was being reviewed by a negotiator, but I needed to send in updated financials, those are the notes I would make in my call log.  You can make a call log pretty easily.  It does not have to be fancy, feel free to download and use my Sample Call Log. I have uploaded a sample in PDF format that you can download and print out.  Whether you use this form, or simply write the information down on a blank sheet of paper, be sure to keep a call log.

Check back in, I will be posting more forms to use and information to help those seeking a loan modification.

Posted in loan modifications