Upside Down Mortgage

Loan Modification Updates

There's never been a better time to get your loan modified than now. With Obama's new program, Foreclosure Prevention Plan, up to 9 million Americans may see relief in their monthly mortgage payments. If you have an adjustable rate or negative amortization mortgage, why not find out if you can get your interest rate lowered or the terms of your mortgage extended from 30 to 40 years?

If you know you want to pursue a loan modification, consider doing it yourself. One of the first things you need to due is create a hardship letter. A hardship letter will describe your personal problems, if you were recently laid off from work, list that. If you suffered a medical crisis or a death in the family, put that down. The hardship letter is just like it sounds, what are the problems you are going through that are causing you to not be able to pay your loan?

After you've written your letter, it's time to contact your mortgage servicer. Be very patient when you first call them as the company you deal with may not actually be the owner of the loan. With the different ways the financial services industry has repackaged and resold loans, it can be tricky at first to find the true owner. Keep digging you will eventually find the owner. Once the loan owner is identified, that will help you determine if you are successful in getting a loan modification or not.

After you send in your hardship letter, you should try to stay in constant contact with your lender. Learn details about the process and identify a date as to when you should be contacted next with a status update.

About the Author:

There's no better time to learn how to do it yourself loan modification". At http://www.loanmodificationfacts.net we can get you the truth about loan modifications.

Article Source: ArticlesBase.com - Diy Loan Modification

If you're new around here, you might want to subscribe to our Upside-Down Mortgage RSS feed. It's quite likely the only feed of it's type on the internet!