Figure out how much you're paying per month on your home loan. This will include your principal, interest, taxes, insurance (those four are sometimes abbreviated as PITI), and any homeowners' association fees you may have to cover.
Figure out what you can reasonably pay per month. This should be a hard number--$1200 for instance--and it should be something that you will be able to pay for the foreseeable future.
Call your lender. Their contact number should be on your monthly bills; alternatively, you can find it on the internet. Remember your lender WANTS to work with you to help you keep your home, so don't be afraid to call.
Work your way through the electronic options. Press buttons or say answers until you get to a person. Give that person your name and loan number and any other information they need to make sure you are who you say you are.
Ask for a loan modification. The person on the phone will likely try to sell you on a forbearance agreement. Insist that you want a loan modification and that you need your payments to be no higher than $1200 (or whatever your payments can be) per month.
Submit requested paperwork. The person on the other end of the line will likely ask for some more paperwork: a hardship letter describing the situation that has prevented you from being able to afford your loan, and financial information (usually a worksheet detailing your income and expenses) at the least.
Your mortgage company will next review all your paperwork and mail you new terms. If they are acceptable, you sign and return them, and just like that, you've modified your home loan.
Figure out what you can reasonably pay per month. This should be a hard number--$1200 for instance--and it should be something that you will be able to pay for the foreseeable future.
Call your lender. Their contact number should be on your monthly bills; alternatively, you can find it on the internet. Remember your lender WANTS to work with you to help you keep your home, so don't be afraid to call.
Work your way through the electronic options. Press buttons or say answers until you get to a person. Give that person your name and loan number and any other information they need to make sure you are who you say you are.
Ask for a loan modification. The person on the phone will likely try to sell you on a forbearance agreement. Insist that you want a loan modification and that you need your payments to be no higher than $1200 (or whatever your payments can be) per month.
Submit requested paperwork. The person on the other end of the line will likely ask for some more paperwork: a hardship letter describing the situation that has prevented you from being able to afford your loan, and financial information (usually a worksheet detailing your income and expenses) at the least.
Your mortgage company will next review all your paperwork and mail you new terms. If they are acceptable, you sign and return them, and just like that, you've modified your home loan.
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