Loan Modification: The right choice

Loan Modification one of the most discussed topics in the Mortgage and Real Estate industries today. Today people who fail to pay monthly mortgage payments have choices in market.
Loan Modification is free and you don’t have to spend anything extra on it. You don’t have to pay to loan officer, Specialist, an attorney, Loan Modification officer, or any other person. All you have to do is call the lender and ask the lender to speak to the Loan Modification Department or to the Early Loss Mitigation Department.
Explain to the representative the reasons for you failure on repayment of loan and ask for a lower rate of interest with a fixed rate term. If you have taken an Option Arm then you can even ask for you can even ask for principal reduction.
A lot of my friends who I have worked with feel shameful about the situation they are in and so they spend hundreds and thousands of dollars to allow someone else to be in touch with their lenders. This is not Right. Just make the phone call and spend about an hour talking to your lender on the phone. They will not reduce your credit but will definitely reduce the burden of credit. They will review all the monthly obligations that you have with them, they will then ask for you for your income information, and they will then ask you fax hardship letter and income verification statement to them. This is all the work you have to do and this is simple and easy. After the telephone conversation follow up the progress of your application every week.
Many people have foreclosed the loan when all they had to do was contact the lender. These lenders don’t want any more defaults on payment. They want you to repay the loan so they are more than happy that you keep your home. Do everything in your power not to close the loan, even if it includes selling some assets, DO IT. Try to hold onto other assets as long as possible.