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Where Do I Get a Loan Modification? Ultimately, the only place where you can get a loan modification is with the lender or servicer that current holds your mortgage. Confused as to who this might be? Contact your lender or servicer. They will be able to guide you where to start. You can find their information on the mortgage statement or payment coupon book. Each mortgage lender or servicer will have different loan modification programs and processes. This is where getting a loan modification can become very challenging. Seeking expertise in streamlining your loan modification process can often save you a lot of frustration and money. We are here to help! With a simple e-mail or call we can guide you in the right direction. What Do I Need to Show the Bank? The bank ultimately is in the business to return a profit to their shareholders, just like any other business. Consequently, your objective in presenting your loan modification request is to show that it is in the best interest of the bank to modify your loan. What might support your modification request? Here are the points that you should be able to show your bank: Remember your bank is essentially making a new loan to you after taking a loss on the first one. You need to demonstrate to the bank that you are able to pay on the new modified loan terms. What Documents Will I Need? Your loan modification package is going to be the most important part of your mortgage modification efforts. Again, the contents and process for packaging the information for your lender's consideration will vary, but the critical elements are typically the same. Here is an example of the documents you will probably require: The principal purpose of the loan modification package is to provide your lender with sufficient documentation to evaluate the risk in modifying your mortgage. The main question your lender is trying to answer is can you pay the new modified mortgage payment, and will you? Why Would a Bank Modify My Mortgage Loan? Simply because it is in the best interest of the bank. As you attempt to inquire about a loan modification do not confuse this transaction with an altruistic act of kindness. It is fundamentally a transaction that makes more business sense than the alternative--you defaulting on the entire mortgage and costly foreclosure proceedings. It is also a product of the current economic conditions. There are so many homeowners that have been pinched by the simultaneous collapse of the housing market and the economy. This creates a unique circumstance--modifying your mortgage, to keep you in your home, benefits the bigger economic picture. Loan Modification Programs As mentioned before, loan modification programs are just becoming mainstream and therefore there is little standardization. The details of loan modification programs that you qualify for will start at your lender or a loan modification counselor that can guide you. Here are a few of the most prevalent loan modification programs and resources: White House/Treasury Loan Modification Program The Obama administration, under the guidance of the US Treasury has created one of the most inclusive loan modification programs to date.

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