| Homeowners are asking the question, how do I | | | | lender will be basing your new mortgage terms on |
| get a loan modification? The best way to get | | | | how much you will be making in the future and |
| your current mortgage changed is thru your | | | | how much you can afford to pay a month for |
| current lender. You need to let them know that | | | | the modified loan. |
| you are getting behind on your bills, and that you | | | | The theory is that it is better for someone that |
| want to learn more about the loan modification | | | | owns a home currently, and wants to stay there |
| process. | | | | but is having financial shortfalls, is better than an |
| The U.S. Government has over 75 billion dollars | | | | empty property and a loan that went bad. That is |
| available to help homeowners who have fallen | | | | why the money was put aside for the loan |
| behind their mortgage payment and could be | | | | modification program. You will have to put in |
| facing foreclosure, get a second chance at the | | | | about the same amount of effort you did when |
| original mortgage loan terms, and bring down the | | | | you originally bought the house, but if you qualified |
| payments so that they can hold on to their | | | | the first time, chances are you will qualify again. |
| property. | | | | Take time to talk to your lender and let them |
| When you apply for the loan modification you will | | | | know about your current financial situation. Make |
| need to show that yes indeed you are having a | | | | sure you do research on your end to better |
| problem paying your bills, and that you do want to | | | | understand the paperwork they will need, and |
| find a way to hold on to your home and not go | | | | when you show that you have done your |
| into foreclosure or even bankruptcy. Make sure | | | | homework, you might be surprised at how simple |
| you write a letter of hardship that explains your | | | | the process really is. |
| current situation and why you need the help. The | | | | |