One of the big questions I hear all the time is how do we stop all the foreclosures from happening? Well other than the obvious I know lots of lenders are starting to become more aggressive at modifying the terms of a loan so the payment and program are more affordable.
A Loan Modification may be the best way to save your home. How do you get the lender to modify your home loan? What if you are not late will they still work with me?
To the later yes they will, don't be late just to get there attention, I never recommend being late. The best way to get a lender to listen to you is to call them and tell them you are having financial issues and need help, you must be proactive and persistent in order for them to listen. Call them and ask for their loan modification department. Then request a modification package. They will want to get a letter of hardship from you stating your situation to them and some pay information as well as a household budget of what you spend monthly. Make the information you give them is truthful as they will want to see current pay stubs to see what you make. If you don't make enough for them to work with you or make too much in rare cases then don't give up hope. I personally know of attorneys who specialize in getting borrowers loans modified and if you can't get the lender to listen to you an attorney certainly will get their attention.
For those people who want to keep their home don't give up hope, call the lender and work something out even if you are late or not. If all else fails hire a loan modification attorney and they can do a forensic audit of your loan paperwork to make sure the lenders paperwork and disclosures matched yours perfectly. Once they request this the lender will usually listen and be more likely to do a modification of your loan. If you need a referral to a loan modification attorney you may email me at dchappy7@gmail.com or call me at 661-295-4686
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