Things You'll Need:
- personal financial records
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Step 1
First, decide if you really think that a mortgage modification will be useful for your situation. You should have already have done your homework in regards to what your financial situation is, and how you are going to present your case to your lender. You need to also figure out how you may be able to cut costs in your budget to reduce your monthly expenses, so that you have some information to negotiate with
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Step 2
Don't wait until your lender hunts you down... instead, contact them and arrange for a meeting to discuss your mortgage modification options.
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Step 3
When you go for your meeting, make sure to take along all of your financial documentation, including any monthly budget cuts you've found. Your lender is going to want to know that you can afford whatever mortgage modification terms you may come to an agreement on.
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Step 4
You can consider asking for a couple of your payments to be postponed if you feel that your financial difficulties are very short-term. By doing this, you may be able to avoid a more involved mortgage modification.
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Step 5
You may be able to receive a mortgage modification if you just cannot meet the higher payments that you now have as a result of a rate increasing on an adjustable rate mortgage. This will require some work on your part, as you are going to have to prove that you'll be able to afford your mortgage, if it can be switched to a fixed-rate. Your financial records are going to have to show what your monthly income and monthly expenses are. In order to be approved, you'll have to prove that you've now got the extra income to afford your mortgage, such as from a second or part-time job.
Comments
trvlarrngr said
on 10/1/2009 great article on how to get a mortgage modification. 5 stars