How to Applying for a Mortgage Loan Modification Program

Please don't pay anyone to do this for you. Read the brief following steps to determine if you need one and how to apply for it.

Difficulty: Moderate

Instructions

Things You'll Need:

• Mortgage
• Patience
• Time
• Qualifying Event

1. First you have to contact your mortgage company. To see if you qualify for the loan modification program. Some mortgage companies have a department especially for this situation. Others have the information on their website.

2. If you qualify there will be some paperwork necessary for you to complete. It will most likely be your financial records. This is necessary to prove that you are eligible for the program.

3. Complete this paperwork as soon as possible. Try to fill it out the same day. It is a process and takes time. Check for errors, the slight piece of missing or incorrect data can either get your application rejected or slow up the process.

4. Make a copy of the document for your records and then overnight express the package. Make sure you have the tracking number. This is valuable documentation that needs to be tracked.

5. Stay on top of the mortgage company. Make sure you are keeping track of time by contacting them throughout the phase of this process. Make sure they are in receipt of your paperwork and don't require any additional information. Don't assume they received it or that everything is fine. Contact them ask questions relating to the status of your application such as estimated time frame and things of that nature.

6. In the meantime don't stop paying your mortgage unless the mortgage company advises you not to. Continue to work with them as if the program didn't exist. Don't stop paying them unless they advise you otherwise.... This could lead you into foreclosure.

7. Keep up with the current news and events covered in the media regarding programs that allow assistance to homeowners. If you have any further questions about newer programs inquire about it to your mortgage company.

[woodsusa]

on 5/12/2009 Great step by step for this!

[marysusanallen]

on 5/7/2009 Great tips on applying for loan modification. Keep posting! Homeowners who are facing foreclosures might find this site helpful too, visit http://houseloanhelp.com/help/loan-modification-help.php