The Loan Modification Process – You Can and Should Do It Yourself

In these recessionary times, many people are troubled. Folks are losing their jobs. If you are not one of them, you know someone who is. Indeed, some folks do not know where the next nickel is coming from. One of the federal governments projects has been to make loan modification available to anyone who needs it. Loan modification can reduce your interest rates and make them fixed. They can get monthly payments down to a size you can manage. And they can give you reassurance that your home will not be a victim of the recession, with you on the street.Lenders Do Not Like Home Loan ModificationIn spite of foreclosed properties sitting vacant for months and producing no income, lenders do not seem to really care about the plight of their borrowers. As long has your house is worth more than the original loan, they do not seem to really care. And the lenders will find hundreds of ways to stop you from having your mortgage modified. They seem to have standing lists to deny modification, sort of like Chinese food carry-outs.If You Have a Good Reason, They Have a Good AnswerIf you claim that you will not be able to keep up payments due to a soon-to-happen job loss, they figure that since you have been making on-time payments in the past, you probably will continue to do so in the future. If you are in rags or the baby is starving; they still do not care. If you do not think that is true, look how willing they were to shuttle home repossessions through their systems with rubber-stamp or robot-notary sign-offs on foreclosures just recently. No compassion there. In fact, they only stopped the process when lawmakers and homeowners called foul.Help for the Home Loan Modification ProcessIn light of this stonewall of refusal, what is a homeowner to do? Firms exist to help folks through the loan modification process. They even help you through the qualification process. (Modification is a step-by-step process: Qualification for the modification and actual application for the modification among those steps.) Ready for the other shoe to drop? They charge thousands to get you through the process. Sometimes as much as $5,000. If you are having trouble meeting expenses in the first place, how are you going to afford that?Do It Yourself Home Loan ModificationIf you are like many homeowners facing delinquent mortgage payments and eminent foreclosure, you have to take action for yourself. You need to start scanning the Web (or check your local bookstore) to find kits, e-books, or written guides for you to initiate, qualify, and complete a home loan modification process. This written or online data is a whole lot less expensive than the modification firms would charge.And, with this option, you will will be sufficiently armed when you approach your mortgage holder or bank. These kits are designed by professional realtors and realty attorneys. They include step-by-step procedures, pitfalls to avoid, options for response when you are confronted with a difficult situation and they provide samples of the correspondence you will need to employ in your home loan modification endeavors, such as hardship letters.