The Best Way To Modify Your Mortgage

By Ludo Wiegers

Modifying your mortgage is not as easy as many people say it is. The usual advice you hear and see on the Internet is: Call your lender, give him the news of your plans of modifying the loan and work something out. He'll be happy to speak with you. This may be a great fantasy, but it won't happen in real life.

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.

Watch out when choosing your mortgage loan modification company. There are a lot of people that say they can help you when you want to modify your mortgage loan. There are not that many people that can actually help you. Be sure you know the difference. Don't part with your money too easily before you've verified that it's a reputable company.

About the Author:

Ludo writes about financial matters and mortgages in English. He also writes about hypotheekadviseur and hypotheekrente vergelijken in Dutch.