Loan Modification: Contact Your Lender

Loan Modification: Contact Your Lender by darewin ocampo
Loan modification is the process of altering the original terms of a loan to make the payments more affordable to the homeowner. All the terms should be agreed upon by both the lender and the borrower, and generally, the borrower should be the one to initiate loan modification negotiations. It is vital therefore that the borrower contact his lender.
Foreclosure is a dreaded and serious problem and time is of the essence, steps to combat foreclosure should be taken at the earliest symptoms. Therefore, the delinquent homeowner should immediately contact his lender about possible ways of saving his home, and the most effective of all solutions is loan modification.
Thousands of homeowner never has the guts to pick up the phone and talking to their lender that they want to pay up their loan and keep their home but just don't have the means to do so under the current mortgage terms. Your home is vital and you should not let your fear get the best of you. Leaving foreclosure unattended is definitely deadly for your home, and running away is never a solution. It is best that you pick up the phone now and call your lenders customer service number. Lenders would rather modify loans than repossess homes so do not be afraid.
Talk to a representative and identify yourself and that you are one of their borrowers who have fallen delinquent on his payments. Ask to speak to the loss mitigation department as that department is the one that handles loan modifications. Don't forget to ask for the direct dial of the loss mitigation department from the customer service representative before he transfers you. This will save you time as your subsequent call no longer need to pass through the customer care line.
After transfer to the loss mitigation department ask who you are speaking to and get his full name and position if possible. Just make sure to ask in a friendly rather than an aggressive manner. Explain your situation and that current hardship has made you unable to continue making payments under current terms and that you are falling delinquent and if nothing is done there is a very high possibility of you going to foreclosure.
Avoid mentioning that you are certainly headed for foreclosure because lenders do not like to waste time on hopeless cases, convince them that you are sure to be able to pay your mortgage after loan modification. Moreover, make them realize that your situation is critical and needs immediate solution.
You will surely be asked several questions and you must be honest in answering them, and frank in the assessment of your financial position while not being too optimistic and show them that your are really in a state of financial hardship.
After initial contact, the loss mitigation department will send you an information packet along with a worksheet you can use to calculate your monthly expenses. The results must unqualify you of paying the mortgage, in other words prove that you cannot possibly afford the payments under current terms. And most importantly, prove to them you are sure to pay the loan after modification.
If results show that you will still lack the ability to pay even after loan modification, your application will surely be declined.
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