http://www.REIClub.com - How Do You Stop Your Home From Going Into Foreclosure? Here’s How A Mortgage Loan Modification Works...<br /><br />What is a Mortgage Loan Modification?<br /><br />Step 1: Eligiblity before contacting lender<br />- steady income<br />- positive budget/balance<br />- unemployment benefits do not qualify<br />- must own your primary residence<br /><br />Tips before contacting lender:<br />- Survival budget<br />- Prioritize your Mortgage<br /><br />Step 2: Action Plan<br />- Hardship letter<br />- Reduce your expenses<br />- Manage finances<br /><br />Step 3: Fannie Mae or Freddie Mac?<br />- May Qualify for Making Home Affordable Program<br /><br />Step 4: Call Lender<br />- Mortgage Statement for Lender #<br />- Have questions, be assertive<br />- Have budget and expenses<br />- Straight to the point, no life stories<br /><br />Step 5: Send Documentation<br />- Don't miss your deadlines<br />- Certify mail<br />- Follow-up<br /><br />Step 6: Be Patient and Save money<br />- 90-180 days to complete<br />- Deferment of foreclosure proceedings<br />- Lenders and LMD need to communicate<br />- Enough for down payment
