How to Do a Loan Modification and Not Pay for It

Did you know that you can work directly with your lender to have your home loan modified? The notion that you must work with a loan modification company to have your mortgage loan restructured is a hypothesis that has even led to some homeowners losing their homes.
Although working with a loan modification company to restructure your mortgage loan can lead to faster and more flawless result, you can actually go it alone and for free. Sometimes learning how to do a loan modification can save you a lot of money that you would have paid for the service, and you can do it in just three hours or less.
Know the Basics
You can only understand and make sense of anything once you have learned the basics. In fact, what makes a loan modification expert better than a delinquent homeowner is the fact that they know a bit more than the basics of home loan modification, and also have a lot of experience.
The rolled out Obama plan has made it easy for any homeowner to apply for a loan modification successfully since the Federal government is offering cash to banks. There is also the HAMP loan workout program which offers standard guidelines that anyone who can read can use to complete loan modification forms. Even if you decide to go it alone you will be subjected to the same terms given to a person working with a company like loanmoddepot.com.
Steps for Learning Loan Modification
1. Write a formal letter to your lender assuring him that you want to retain the ownership of your home and detailing the cause of your current financial hardship.
2. Complete the financial statements and disclose your income, assets, and debts in a way that the employer will see that you will be more comfortable if payments are revised. If you don’t know how to get help from a software program that produces almost similar results as when federal guidelines are used. With the software, you will just input the required information and everything else will be done for you.
3. Give your lender all the document copies require; bank statements, award letters, W2’s, and paycheck stubs.
4. Put your application together using a submission checklist and submit it for final review.