Denials are the bread and butter of my business.
The number one reason for denials I see is for inaccurate information. It is amazing how even in court (mediation in NJ or Settlement Conferences in NY), lenders will deny modifications that they have never reviewed or have inaccurate information on.
Steps to take when denied.
1. Request an NPV.
NPV is a complete list of all the data used in consideration for a modification. To date, I have never seen a single one with no inaccuracies. Do not be surprised if they ignore your request. But you must insist upon it. If you’re in court you can put in a motion and request it, or request it via a QWR if you’re not in court.
2. Once it is received you must review it for inaccuracies and challenge any inaccurate data.
3. Then, review the file and do a complete analysis to see what your next step should be. Whether an appeal or a new submission.
4. Many attorneys and borrowers understandably attempt to do this on their own, but I strongly suggest a complete analysis of the case at this point.