First Things First

Want to keep your house?  CALL YOUR BANK!

You don't know how may people that I talk to that when I ask them if they have talked with their bank tell me no!

My Mom used to always say to me if you don't ask, the answer is always no!

Now that that is out of the way, Keep Calling them!  They will NOT call you back.  I don't care if they tell you not to call them, or call back in a couple weeks.  You should be calling them at least twice a week.

Make Notes of when you called, and who you talked to.  This give you credibility in the future.

Do Not Pay Anyone a Fee in Advance to Do a Loan Modification for You.  These are almost always a scam, or if not a scam, a waste of money.  I have yet to hear of anyone who has had good luck with these companies, even if they are attorneys.

Get all your financial information together, including Bank Statements, Pay Stubs, Income Taxes, and a quick break down of your Income and Expenses.  Write, sign and date a "Hardship Letter" (This just states what got you behind) 2 pages maximum, 1 paragraph to 1 page is ideal.  Keep Copies of EVERYTHING.  The bank will almost always lose something and make you re-send it!

Call your bank right away in the morning if you can, the are usually less busy then.

Banks Vary a little, but 31% seems to be about the maximum that they want for your payment to be vs your income.  Some banks can go down as low as 4% for your interest rate, but this is usually NOT a set rate.  Usually they do this for 6 months, or a Year to try to help you get back on your feet, and then they slowly bring the interest rate up.

Make sure you ALWAYS get it in writing.  If they tell you to send them $5000 to see if you qualify, tell them to send you something in writing that says if you send that money, that they WILL modify your loan, and what the exact terms of the modification are.  Otherwise, you may send the money and get a thanks for the money, but we will not modify your loan, and you have XX amount of time to get out!

If you ever have questions, you can always email me at shane@anotherwayllc.com.  I have been working on these for over 4 years now.  My main business is short sales, but if the situation is right, I do help people with their loan modifications, and there is usually no fee to you for my services.  I am pretty straight to the point, I don't like to waste my time, so if I don't think you will qualify, I will let you know right away so neither you or I get strung along in the process.

If you want to know more options, you can always check out my website at AnotherWayLLC.com.

If you want you can post your questions, or comments on this blog, and I will try to respond within 24hrs.