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Step 1
Contact your mortgage company. You'll need to speak to someone in the Loss Mitigation Department, but know that you will most likely have to get to that department by calling the company's general customer service number.
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Step 2
Once you are connected with someone in Loss Mitigation, be sure to get their name and title. You'll then need to explain that you currently have an adjustable rate mortgage that has become a financial burden, and that the higher amount has either caused you to become delinquent, or that you fear foreclosure.
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Step 3
Once you have stated your reasons for wanting a loan modification, the Loss Mitigation representative will need to ask you a series of questions to determine if you are possibly a candidate for a modified loan. Be sure to answer honestly. At that point, the best outcome will be that the representative will send you an information packet and application.
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Step 4
Once you receive the information packet, follow the directions as stated. Fill out the application completely, and make sure to include all financial data requested. You most likely will also be allowed to submit a hardship letter along with your application.
Comments
ladym33 said
on 7/26/2009 I hope to not have to face this, but this is excellent advice!
Treese said
on 7/22/2009 Nice articel with good advice! Thanks
cajunc said
on 7/15/2009 Good advice here! Thanks! Linda cajunC
bailey4 said
on 7/6/2009 Good way to encourage people to get started.
ibloomdrop said
on 7/5/2009 Perfect time for this article. I'm sure it will help alot of people who may not realize they have options. Thanks and 5*.