Loan Modification Part3

PART 1

PART 2

REMEMBER:

STEP 1

Make sure to know were you are with your finances. Determine your monthly income, get all your bills together and see how much you are paying and where you can cut costs. Ask a NON-PROFIT Counseling service to help you put together a financial sheet. Get the counselor to help you negotiate with your lender. To find a non-profit counseling service the Consumer Credit Counseling is a good place to start.

STEP 2

Contact your lender. Get the Loss Mitigation Department on the line and explain your situation & your possible solutions.

STEP 3

Have answers ready for the lenders questions. Have a proposal of how you will repay the loan. You are better off submitting an initial proposal. It will open the door.

STEP 4

If your hard ship is temporary, ask the lender for forbearance, or postponement of payments, for a couple of months. Make sure you get your finances in order.

STEP 5

If your situation is due to an adjustable rate, that have reset and you can not meet the higher monthly payments, request to have your rate fixed. Show them that you can comfortably pay a fixed rate mortgage.