subject: What You Need to Know About Loan Modification Procedures [print this page] It is important to understand loan modification procedure if you want to use that to stop the foreclosure on your home. This can be a great way to save your home but you need to be prepared for what the process will look like.
You are going to need a lot of documentation before you talk to anyone about getting a modification to your mortgage loan. Some of the things that you should be prepared to provide: all mortgage information including contact information and balances, loan and monthly payment amounts for any other loans you have (credit cards, school loans, etc), documentation of your income, and your income tax return for last year. It is likely that you will need to provide more information than this but the above is at least a starting point.
At this point, you can contact your mortgage company directly about their loan modification procedure. This is the best place for you to start. At this point you will also need to be prepared to tell your story of why you need a modification to your loan. Have you lost your job? Did your family have recent significant medical expenses? Did you become disabled? Did you get divorced? You may need to talk to several people at your mortgage company before you get to the right person so having a brief explanation is best at first.
If your mortgage company will not work with you or does not return your phone calls, you might need to look elsewhere for assistance in getting your loan modified. The Making Home Affordable Program is a good place to begin. They can connect you with resources and help to get your loan modified.
What You Need to Know About Loan Modification Procedures
By: Jill
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