DIY Mortgage Modification and Help

People have been picking-up and leaving their homes in the middle of the night before the home is foreclosed on.  However, there are other alternatives.  If you act fast (pro-active) you can possibly save your home. 

The first step to take when you think your mortgage is in trouble is to call the lender.  Your next step requires you to gather as more information as you can -- mortgage papers, other bills, and working out a budget to get you back on the right track.  Step three is the hard part.  You will need to write a hardship letter and mail it to the lender.  Explain your situation to the bank.  Include in the letter a desire to pay, but why you find it difficult at the moment and when you can resume regular payments.  The letter should verbally spell out you plan. 

Now, just because you complete all the steps does not mean the bank will modify your mortgage.  However, nothing bets a try.

Recap to Modifying Your Mortgage

• Call the lender
• Have all your information and a plan worked out
• Tell your story - write a hardship letter 

If you find that these steps are not resulting in modifying your mortgage and the situation is worst -- call in the experts. When you are looking for an expert there are 3 things you should know.

Avoid Mortgage Rip-Offs and Scams

• There should not be an up front fee
• Never sign away your deed or transfer title
• If you can't understand the solution, and your expert can't explain it so you do understand -- This solution is not for you.