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Loan Modification Basics

Before we can get into the process of modifying your loan, you will need to look at what put you in this situation. Is the issue only temporary? Did your rate adjust? Were you laid off from your job for a period of time? Did you fall behind due to some sort of hardship? Once you have pinpointed what it was that caused you to fall behind, we can begin to figure out the next step.

Similar to getting the loan, you must qualify for a loan modification. Here is what you need in order to qualify, and ultimately keep your home. You’ll need to present the lender with the reason as to why you can’t afford your current payment, but also explain that you can afford a new payment plan if one were granted. The lender will require a few documents such as a hardship letter, which we will get to later in this guide. Here are some common hardships that lenders find as acceptable:

  • Adjustable Rate Mortgage reset- Payment shock
  • Death of spouse or co borrower
  • Divorce or separation
  • Failed busines
  • Injury/Illness/Medical bills
  • Job relocation
  • Military duty
  • Loss of Job
  • Reduced income
  • Incarceration

Get Started!

Go to the top of the page and enter your zip code to find out if we can connect you with a specialist in your area. Once we successfully receive your information, we will match you with a loan modification specialist who will assist you with your mortgage problem. Act now!

 
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IMPORTANT NOTICE: LoanModificationHelpLine.org is not a mortgage assistance relief service or mortgage lender, and does not do refinances. LoanModificationHelpLine.org is not a government sponsored website. LoanModificationHelpLine.org matches consumers with companies that may offer foreclosure prevention services. Lenders may not agree to change a consumer's loan. To access information on government sponsored assistance, please visit makinghomeaffordable.gov.

* The 2% interest rate is based on the lowest interest rate available via the government's HAMP program. To learn more, please visit makinghomeaffordable.gov.