Call Your Own Lender First
If you are behind on your mortgage, or are simply looking for a little breathing room or better terms, call your own lender first to determine what terms might be available to you. You do not need any outside help or "expert" assistance to get this process started. Make the phone calls yourself and get the ball rolling.
Know What You Know and Be Prepared to Show What You Know
Before you make your first phone call, you should know your own basic details. Social Security numbers of all parties to the loan; loan number; interest rate; payment; adjustable or fixed. Next, have a good working knowledge of your household income and expenses. Write these down ahead of time and be prepared to show and document these to your lender.
Write Down Every Phone Call, Every Detail, Every Fact
Take notes of every single phone call, letter, email, fax. Keep track of what number you called, who you talked to and what they said. You will need to repeat these facts and conversations over and over so get the details written down and correct. If you get a modification easily or quickly, you will be in the minority...you will need to keep repeating facts and prior conversations so make sure you have your details down.
The Squeaky Borrower Gets Some Kind Of Grease
I tell my clients all the time that they need to be prepared to call back their lender again and again and again if they hope to ever get a modification done. Oftentimes the lenders are just plain incompetent or unwilling to give the borrower the modification they are seeking so you'll have to keep calling back again and again, pestering until you might finally get a modification....hang in there though, it may be worth it in the end.
Beware of Loan Modification Companies
The internet, television, mail and all other media sources are full of solicitations from companies or individuals that claim expertise or the ability to help process modifications. The reality is most of these companies are scams and they are not able to deliver on false promises made. Many states, including Florida, have passed laws to make such activities and solicitations illegal. Check with your state's attorney general or the Federal Trade Commission to determine if the company, agency or person you are considering working with is legitimate.