| If you are trying to reduce your monthly expenses, | | | | circumstances, you may have a loan modification |
| then debt consolidation and/or debt settlement are | | | | granted on your own, by simply speaking with your |
| each excellent methods of reducing your unsecured | | | | servicer. But most of the time, you will have to hire a |
| debt payments. But getting a mortgage modification | | | | professional negotiator to work on your case. By |
| can also reduce your mortgage payment. Since your | | | | employing a professional mortgage negotiator, you will |
| mortgage is likely the highest monthly payment, it only | | | | know that your loan modification has the best chance |
| makes sense to have it reduced too. This is extremely | | | | of success. |
| easily accomplished with a mortgage Modification. | | | | Remember this advice when attempting to get a |
| A mortgage modification is when your mortgage | | | | mortgage modification: |
| servicer or lender lessens the loan payment by | | | | 1. Always send your lender a complete loan mod |
| reducing your interest rate, lowering the balance, and | | | | package; incomplete documentation is the number one |
| or extending the term of the loan. A mortgage | | | | reason loan modifications are rejected. |
| modification can greatly reduce your mortgage | | | | 2. Don't waste any time! Although loan modifications |
| payment and has helped 10,000's of homeowners stop | | | | can happen in a few weeks, the average time is more |
| foreclosure. This process can not only reduce your | | | | like 2-4 months. Take action immediately, so you have |
| monthly payment, but it can take a home you were | | | | plenty of time. |
| once upside down in, and reduce the payoff amount | | | | 3. If a customer service agent at your servicer is not |
| to bring it back to 100% LTV (Loan To Value). This | | | | any help, try calling back later to talk to a new agent. |
| allows you to keep the home at an affordable | | | | Different agents may provide more assistance and be |
| payment and you will no longer be overpaying for your | | | | more helpful to your cause. |
| home. | | | | 4. Never act rude or yell at a customer service agent |
| Even though most mortgage servicers will require you | | | | at your lender. You will need their help you get your |
| to be delinquent prior to granting a loan modification, it's | | | | modification approved, so be as patient and polite as |
| not necessary. When you are not behind on your loan | | | | possible. |
| payments, a mortgage modification is possible, as long | | | | 5. Follow up on a regular basis and make sure all |
| as you can provide proof of a hardship. The hardship | | | | faxes and communications are added to your file. We |
| will show that reducing the monthly payment is | | | | recommend contacting your servicer/lender on a |
| necessary; otherwise the payments will not be made | | | | weekly, if not daily basis to make sure they have |
| in the future. Although it will require a lot of time and | | | | everything they need to get your case approved. |
| negotiation with your lender, If you can prove these | | | | If your family has faced a hardship that has reduced |
| facts, the modification can be approved. | | | | your income or may cause you to face foreclosure, |
| If you are trying to stop foreclosure, or if you want to | | | | then a loan modification will help. Take action |
| get a mortgage modification, you need to begin by | | | | immediately by contacting your lender to begin your |
| contacting your lender or mortgage servicer and | | | | modification. |
| asking for assistance. Depending on your | | | | |