Payment arrangements set up

I have been in the stop foreclosure and debt maamnenegt industries for many years. You do not need to pay someone to do a loan modification, especially now when the lenders are motivated to stop losses from foreclosure. If you have absolutely no idea what you are doing, find a self help program to give you basic guidance. Programs like this are available for under $100. If you get a good stop foreclosure system it will also provide you with assistance in the rare case that you can't do a loan modification. However, in today's real estate climate, with 9,000 foreclosure filings per day, and everyone from Obama down talking about helping the poor homeowner your chances for success are very good.The main thing the lender is going to look for is "Can you make the payments on the new mortgage?" So, your immediate job is to get your expenses down as much as possible so your income to debt ratio will support the new payment. If your income to debt ratio needs work see what you can do to lower insurance payments, non essentials like eating out, school lunches, cable TV, negotiate with your credit card companies to settle their debt. If they can't collect from you they will turn it over eventually for literally pennies on the dollar so be nice but hold tough and get your balance/payments reduced.When you talk to the lender, if you are behind in your payments, be sure that you speak with someone in Loss Mitigation not Collections. Again, if in foreclosure, don't waste a minutes time talking to the lender's foreclosure attorney, deal directly with Loss Mitigation. A lot of new companies have appeared on the scene charging huge prices for loan modification. Keep your money and put it toward any arrearages or costs that the lender may require you pay to complete the loan modification. You CAN do it!References : Was this answer helpful?