Negotiating the loan modification with your lender is simple – Free loan modification assistance

I am hearing more cases of foreclosure in California.I came through a report and it says that there are three states which are most affected and these record the most number of foreclosures – they are California,Florida and Nevada.Hope these states see bright times again.So if you are foreseeing a default,make sure that you are contacting the lender as soon as possible.Do not wait till you see the lender issue a notice of default.Contacting the lender earlier and telling that the monthly mortgage payments have become unaffordable is a sensible move.What i am finding is that many people are finding it difficult to call the lender and tell him that payments are difficult.But there is no harm in telling the lenders.

Lenders want to avoid the Foreclosures – that is the truth !

Yes.Every lender would only want to avoid the foreclosures – this is because of the costs associated with the foreclosure proceeding and moreover remember that they are going to wait for a long time until the foreclosure is over.So ultimately the lenders are going to lose a lot of money and hence all lenders would want to hear your hardships and provide a solution rather than carrying on with the foreclosure proceedings.

The process of loan modification:

Loan modification is the process of modifying the mortgage terms so as to make the mortgage payments affordable to the borrowers.There are many plans introduced for the borrowers so as to help them get a loan modification.One of them is the making home affordable plan.People who had got the bad credit mortgages have been very much affected by the upside down mortgages.But there is still lot of time and the good news is that there are lot of plans introduced by the government so as to stimulate the housing market.

After you find that you are about to default,follow these stages: the lender and tell him about your current mortgage non-affordability,

2.Prepare the hardship letter and send it to the lender through mail,

3.Now having good communication with the loss mitigation department.This is very vital step.

4.Wait till you hear that you are approved for a mortgage mod.

Loan Mod can be done yourself or you can get services of a loan mod professional.