What To Do
1.) Get solid information from reliable, unbiased sources. See the end of this article.
2.) Directly contact your lender, or loan servicer (whoever you pay your mortgage payment(s) to). Sometimes it is a challenge to know which phone number or department to call. See the end of this article for a list of contact information for specific lenders.
3.) Get a free consultation meeting with a very experienced and knowledgeable attorney, who is legally and ethically required to give you the best advice for your unique situation. I have been helping homeowners like you for more than 20 years. Please click here to schedule a free consultation with my law firm.
If Your Loan Modification is Not Successful
If you find out that you do not qualify to change the terms of your mortgage through your lender, you may have other alternatives. I have helped thousands of homeowners keep their homes. The current economy sometimes presents opportunities for creative solutions that I can help with. For example, your lender may be more flexible once you have an attorney representing you, and if they learn that you are either seriously contemplating or in fact filing a bankruptcy case. My associates and I have been involved in some very successful loan modifications in these contexts.
Mortgage modifications are usually quite challenging to pull off, but they can be well worth the effort considering what is at stake. Use the resources provided here instead of being sucked in by the false promises of the mortgage modification middleman. And at any point in the process contact me, Todd Trierweiler, if you need some solid advice about your personal situation.
1) The federal governments Making Home Affordable website for mortgage refinancing and modification, including a telephone hotline and eligibility checklists, and much more: http://makinghomeaffordable.gov/
2) A series of articles by the FDIC (Federal Deposit Insurance Corporation) on mortgage loan modifications and foreclosure prevention: http://www.fdic.gov/consumers/loans/index.html
3) Mortgage Lending Tools & Resources of the Center for Responsible Lending, an organization that has been in the forefront of helping homeowners deal with the foreclosure crisis, preparing important reports and testifying in Congress; this part of their website provides videos and reports on loan modifications, maps and charts, and more:http://www.responsiblelending.org/mortgage-lending/tools-resources/
Report by National Consumer Law Center, Desperate Homeowners: Loan Mod Scammers Step in When Loan Servicers Refuse to Provide Relief, July 2009: http://www.consumerlaw.org/issues/mortgage_servicing/content/LoanModScamsReport0709.pdf
4) Written Testimony by Diane Thompson for National Consumer Law Center, and also for National Association of Consumer Advocates, for U.S. Senate Committee on Banking, Housing, & Urban Affairs, Preserving Homeownership: Progress Needed to Prevent Foreclosures, July 16, 2009: http://www.consumerlaw.org/issues/mortgage_servicing/content/testimony_DT_7-16-09.pdf