You bought a home, but then later on you came to the realization that you could no longer afford to keep making the payments. At least you can't make the payments the way your mortgage is currently structured. That's why getting a loan modification is such a great idea. It allows you to renegotiate some of the terms of your mortgage so they are more favorable to you and your current finances.
Being prepared is key. If you don't have the requisite paperwork ready, it will only delay the process. Those who are less organized may find this to be the most difficult step, but it is necessary to getting a loan modification.
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Contact your lender, or loan modification service before you go to see what information you will need. Typical examples are:
Federal and state income tax records. A list of your household expenses. Proof of homeowner's insurance. A copy of your bank statements (print them out if you only get them online). Payroll stubs from the previous six months to a year. If Unemployed, your unemployment statements Any other specific paperwork as required by the party you are negotiating with.
Now that you have all of your financial records together, the next step is to keep your appointment and start negotiating.
Stop! Time for a reality check. Yes, you can go in and try to handle the negotiations on your own. You have every right to do so. But be careful, lenders do this stuff for a living and you do not. They are going to do whatever they can to keep you in your home, but at the same time they are going to try to get as much from you as possible. In short, they are not looking after your best interests.
You may think it sounds great when they offer to lower your interest rate from 8% to 6%, and it will save you money. After all, that is a better rate than what you're paying now, and it may even be enough to make it just affordable enough. When getting a loan modification it is much better to get the best deal possible. And it is very rare that your lender is going to give you that deal out of the kindness of their hearts (which helped you get into your current mess).
Additional tips to assist you getting your loan modification approved quickly, would be getting the values of the homes sold in your neighborhood. If the values are much lower than your current mortgage amount, then present this to your lender. If there are a number of vacant homes in your community from foreclosure, share this information as well. The truly bank doesn't want your home. You are providing sound reasoning to assist them in helping you with your loan modification, rather than loose money taking over a property they truly do not want or need.
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