It's always been possible to modify your mortgage loan, but the President's Making Home Affordable plan released this March has made the idea of loan modifications a lot more commonplace. The modification process has been streamlined and made more efficient. It's not nearly so hard to get your loan modified these days. If you're curious about loan modification and what it can do for you, then the first step is getting home loan modification hardship assistance.
If you're worried about meeting your monthly mortgage payments, it's important to take action as soon as you can. It's not necessary to wait until you're several months delinquent, or even defaulting on a single payment. Visit a financial counselor to discuss your financial picture while you still have options other than foreclosure open to you. Depending on the firm doing the counseling, it may or may not be free of charge. There are many non-profit groups that do financial counseling for free, and your local HUD office can refer you to these. The large demand for financial counselors in this economy has also given rise to a lot of for-profit loan modification companies as well, which you may also use.
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Whichever route you choose to go, understand that there are benefits and drawbacks. Evaluate carefully any company you'll be doing financial business with. Some loan mod companies employ attorneys that help you with your loan modification, and others do not. If at all possible, it's advisable to choose a firm with an in-house attorney to plead your case to lenders.
When you choose a for-profit loan modification firm, make sure that you use the utmost caution. Unfortunately there are a lot of scam artists waiting to take advantage of people in precarious financial situations already, and you don't want to become a victim of a loan modification scam. The firm you choose should have good credentials and a solid history. They should appear professional and have a presence with the Better Business Bureau.
After choosing a company, the next step is talking with your counselor. Bring along copies of all pertinent financial records and be prepared to talk in depth about your finances. The counselor's job is to understand your financial position and use that knowledge to educate you about all your options from here on out.
If it turns out that you are an ideal candidate for loan modification, the counselor will immediately suggest writing a loan modification hardship letter. This letter is addressed to your lender and concisely explains the reasons that you are requesting a modification to your loan. Specify the financial disaster that led to your current situation (sudden unemployment, divorce, or medical costs) and include copies of financial information. Your loan modification counselor will be behind you, helping you to draft a good hardship letter. When you're finished, your counselor will send it to your lender and be your advocate during the loan modification process.
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