Modifying your Home Mortgage
Posted on | June 11, 2009 | No Comments
Now that interest rates are on the rise and the economic situation stays somewhat the same, people are having less and less options when trying to reduce their monthly mortgage payment. If you are having a hard time paying your mortgage but have managed not to be late thus far, you can contact your mortgage service provider and ask for the department that takes care of current loan modifications.
Once you have the right person on the phone initially they can talk to you with just you loan or account number. However, there are some things they will ask you to get ready to send them via fax or email so make sure you listen and write down everything they require. This normally includes tax returns, copies of recent pay checks or your current unemployment letter, bank statements and profit and loss statements, if you are a small business owner.
It is a process so the sooner you get started the better. Just remember, these people deal with a large number of customers who are all in very stressful situations so please be nice and courteous when talking or emailing them. They are trying to help even if, in the end, they might not be able to. They are the middlemen between you and the investor who actually owns your loan so don’t shoot the messenger.
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