We (this website) normally is against paying anyone to do a loan mortgage modification for you under the new federal mortgage modification plan “Making Home Affordable” signed recently by president Barack Obama, but this is valid mortgage modification advice expressed by this accredited mortgage modifications expert. The reason is, you were going to send a payment anyways, why not use it to increase your chances of a better loan mortgage modification for yourself, which will keep on paying you (via lower monthly payment) each and every month.

Also; this financial expert indicates that maybe the lawyer you hire might find a problem with your original loan that may work to your benefit, resulting in a better loan mortgage modification.

You do not want to use some fly by night company who wants to take upfront money from you to handle your mortgage modification. If your tempted to do this, first try the loan mortgage modification process yourself. If you are not happy with the new terms your lender came up with, take your mortgage payment and use it to then hire an attorney as the second plan of action. If your still not satisfied, then you may want to use the help of a mortgage modification company you’ve heard was good, or who has done some from people you trust and they were satisfied with their services. Loan mortgage modifications will typically run from 3k to 5k.

The most important mortgage modification advice we can give is:

• Do your mortgage modification before your interest rate resets (if you have an ARM).
• Try to do your own mortgage modification yourself first before hiring anyone to do it for you.
• Explain your hardship to your lender via a written letter. Explain why you need a mortgage modification. Normally, the number one reason is your fixed debt (house/taxes/insurance/car/utilities/credit card debt/food payments) are much higher then what your income allows for. This may be a direct result of reduced hours/a new job which pays less or being terminated from your present job.
• Use a lawyer to help you do your mortgage modification if you feel it will result in a better program.
• As a last resort, use a loan mortgage modification company to handle the process for you only if you know that they are reputable.

Please feel free to watch the below video on more mortgage modification advice, help and info!

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• Federal Mortgage Modification Program Latest Developments (loanmortgagemodification.us)
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• Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or
• documentation of income you receive from other sources.
• Your most recent income tax return.
• Information about your savings and other assets
  Information about your first mortgage, such as your monthly mortgage statement.
• Information about any second mortgage or home equity line of credit on the house.
• Account balances and minimum monthly payments due on all of your credit cards.
• Account balances and monthly payments on all your other debts such as student loans and car loans.
• A letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.) if applicable.

You may also want to gather what your monthly payments are for cable/internet/phone/car insurance/heating/electric/ or any other reoccuring monthly payments you have. Try to determine what you also pay in gas for your car. Some lenders may use this too to determine house affordability.
Once you have these things together, call your lender. There should be the lenders phone number from your most recent mortgage statement. Tell them you want to be analyzed under the new Home Affordable Modification Program. Having the above information ready to verbally give to your lender over the phone, will make your process move quicker. Make sure that your information is true and correct, because your lender will ask you to fax over proof of everything you tell them over the phone. They will verify all of it for the mortgage loan modification process.

If your lender tells you they are not participating in the Making Home Affordable Program, they may be shortly because more and more lenders are signing up everyday as the government educates them on the benefits of participating in the program. You can also ask them of any other type of program they my have to help your particular situation that is similiar to the Making Home Affordable plan.

Related Articles

• Loan Mortgage Modification Checklist (loanmortgagemodification.us)
• Federal Mortgage Modification Home Affordable Program Eligibilty Guidelines (loanmortgagemodification.us)
• Mortgage Modification Advice (loanmortgagemodification.us)
• Mortgage Loan Modification Info And You (loanmortgagemodification.us)
• Federal Mortgage Modification Program Latest Developments (loanmortgagemodification.us)
• Federal Mortgage Loan Modification Program Pros, Cons, and Eligibility (loanmortgagemodification.us)
• More homeowners get help outside of federal program (usatoday.com)

One of President Barack Obama’s strategies for economic recovery is helping home owners to stay in their homes and solving the foreclosure crisis.

President Obama states:

“We must stem the spread of foreclosures and falling home values for all Americans, and do everything we can to help responsible homeowners stay in their homes,” he said as he signed the American Recovery and Reinvestment Act into law.

Loan mortgage modifications for homeowners will assist homeowners to accomplish this. Let’s explore what this all means and how it works!