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425 Sixth Avenue Suite 950
Pittsburgh, Pennsylvania 15219
We envision an organization that will be a leader in the design and implementation of innovative technology in the delivery and management of social services. We envision an organization that will develop new programs in the areas of education and workf ... more
Broker and Owner
Graduate -NAR Leadership Academy
National Association of REALTORS®
The DeWolfe Companies
City of Lowell, Police Department
Regional Vice President
The Northeast Association of REALTORS Inc
Massachusetts Association of Realtors Leadership Academy
National Association of Realtors Leadership Academy
Bachelors of Science degree
Boston State College
Anna Maria College
Mortgage Modifications--5 Questions and Answers
Question: how long can it take to get a loan modification from a mortgage company?
Dan Sullivan: From initial application to final decision it can take 3 - 8 months.
Smaller servicers provide answers more quickly while larger servicers have been known to take longer especially if the initial application has errors or missing documents.
Question: what are you finding about the current rate of approval for mortgage modifications?
Dan Sullivan: Locally we see about 40% of applicants approved.
Nationally that figure is a bit lower.
Question: what should the homeowner expect to do in terms of gathering paperwork?
Dan Sullivan: Standard paperwork includes an application (provided by the mortgage servicer), 4506T form (requesting tax transcripts), and Dodd / Frank disclosure, 2 months of pay stubs or profit and loss statements if self-employed, 2 months of bank statement, the prior year's Federal 1040 tax return, and a utility bill verifying occupancy.
Question: In Bankruptcy Court, we've been finding people come to us who have significant arrearages owed on their mortgage loans.
What can you say to people to prevent that?
What can you say to the people who have those arrearages?
Dan Sullivan: It is vital that homeowners contact their mortgage servicer the moment they fall behind.
It is significantly easier to modify a mortgage that is only a few months behind than it is a loan that has been delinquent for a larger amount of time.
Modifications can be done with significant delinquencies so homeowners who have not applied should do so immediately.
Question: can you shed some light on what the mortgage companies are looking for in terms of approving a loan modification?
Dan Sullivan: The main hold up to loan modifications is the delinquency amount.
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"But this event won't be like Bank of America showing up and offering deals and making decisions on the spot," said Sullivan.
"A lot of times homeowners don't wind up with modifications because they don't follow up with anybody,"
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