The Best Way To Modify Your Mortgage

By Ludo Wiegers

Modifying your mortgage isn't as easy as most people think it is. What you often read is the advice: just go to your lender, talk to him, and he'll be happy to lower your mortgage payments. This is not going to happen.

When you call your lender, you'll quickly notice that he isn't ecstatic to find out about your payment problems. If you steer the conversation into the realm of mortgage modification, he'll most likely will try to give you the run-around, or he will make you a 'deal' and cut your fingers off in the process.

There are ways to do your own mortgage loan modification. I'm not saying it is easy, but it is doable. Whatever you do, do not give up. Most people that end up in foreclosure do so because they gave up too quickly. Giving up and failing is easy. Pushing through and succeeding is hard.

During the process of the negotiations for a mortgage loan modification, document every step. When calling in, push through to speak to someone that can actually help you with your request. If you are not convinced you're up for the job, seek assistance from a good, reputable loan modification company. Getting help from a professional will greatly increase your chances of success. Not only that, this step will save you a lot of work and aggravation.

In these tough times, many vultures are flying around, saying that they can help you with your mortgage loan modification. Of course, you have to pay them a considerable amount of money for it. Upfront. Always enlist the help of a reputable, trustworthy company and do your due diligence before parting with your money.

About the Author:

Ludo writes about financial matters and mortgages in English. He also writes about hypotheek oversluiten and vergelijk hypotheekrente in Dutch.