AgentIndustry News

The loan mod to-do list

Part 1: Nuts and bolts of mortgage modification

Editor's note: This is Part 1 of a two-part series. Read Part 2. In recent weeks, I have been inundated with letters from mortgage borrowers who, for any number of reasons, can no longer afford their mortgage payment, though they could afford a lower payment. They seek help on getting their mortgages modified. I have written several articles on modifications, but, as one letter writer put it, these provide "background but are not specific enough to really help." Ouch! In this article I attempt to make amends by laying out the steps in 1-2-3 order. Because the process is tedious, I have placed some of the boring details on my Web site. The second article in the series discusses where to go to get help, if help is needed. The steps involved in getting your loan modified are: 1) establish that you would not be better off to refinance instead; 2) deliver the information the servicer requires, in the form the servicer specifies; 3) assure that the information you pro...