How to Get a Mortgage Loan Modification

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By Carol S
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Get a Mortgage Loan Modification

Do you currently have a high adjustable rate mortgage? Have you become one of the millions of Americans struggling to make their mortgage payment because their Adjustable rate Mortgage keeps going up. There is an answer! It's a mortgage loan modification.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

Courage
Hope
determination

Step 1

You might be thinking... I have bad credit, I am to far behind or I didn't know I could do this.

Having bad credit and being behind are the qualifications for a mortgage loan modification. So you are starting out good. Yes you can do this yourself! You do not have to pay someone to do this for you.
Step 2

Contact your mortgage company and ask to speak to someone in the loan modification department. Tell them that you are inquiring about a loan modification.

They will take some information regarding your hardship and your income.

DO NOT TELL THEM THAT YOU HAVE EQUITY IN YOUR HOME! If they ask say none. The more equity you have the less likely they are to help.
Then they will most likely tell you that you "Do not meet lender guidelines for a loan modification". Don't worry they say this to everyone.

Ask to speak to a supervisor. Explain your situation again to the supervisor.
Step 3

Don't stop here. Research all that you can regarding your states laws on the new " Hope for homeowners program" and write to FHA if you have to. There are many programs out there that have been developed to help homeowners in your situation. I have listed a few in the resource section below. Use them as your ammunition when taking with your mortgage co. You can get a home loan modification that will lower your interest rate substantially per month. Just get informed on all that is available to you as a home owner.
Step 4

Believe me the Mortgage Company does not want your house. They have so many now due to foreclosure that yours is just another one to add to the list. Most mortgage companies are offering mortgage loan modifications to their clients.

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chart3 said

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on 12/25/2008 If you are unable to do this yourself and need immediate help, please email info@foreclosurehopenow.com with your name, phone number, best time to call, and a detailed description of your situation.