Can I Do a Loan Modification Myself?

By Trevor Sines

We get a large number of phone calls and emails daily and one of the most frequently asked questions is "Can I do a loan modification myself?" The short answer is yes you can! However, one thing you need to realize is that according to the National Association of Mortgage Bankers, home owner submitted modification requests have a 20% approval rate.

The main reason for this lack of success is that most homeowners have no clue who to contact, or what paperwork is required for a successful modification. And, even if they do finally get through the phone tree and get together the long list of required paperwork, it can be quite overwhelming. This can lead to taking short cuts and turning in an incomplete modification package which is a giant waste of time.

Mortgage lenders and servicers are very selective when evaluating a loan modification request. They are extremely busy trying to facilitate modifications submitted by homeowners and professional modification organizations. These lenders prefer to receive all the documentation at one time so they can effectively work out a solution. The problem with homeowner submitted modifications is that they don't send in everything at once, nor do they give the lender the correct paperwork necessary to complete a modification.

If you are a struggling homeowner and you would like to successfully complete a mortgage modification you should definitely consider a Do It Yourself Mortgage Loan Modification Kit. A valuable DIY kit should come complete with contact numbers for over 70 national mortgage lenders, detailed instructions on how to fill out the proper modification paperwork with completed samples, a sample "hardship" letter, checklists, and a half hour telephone consultation with a mortgage modification specialist.

The complex process of a loan modification can be simplified when the homeowner is prepared. The right DIY modification kit will put the homeowner in the best position to successfully complete a modification on their own.

The author, Trevor Sines is a passionate advocate for debt elimination and financial health and also co-founder of Michigan Mortgage Modification, LLC. For more information on preventing foreclosure or how to lower your monthly mortgage payment without a refinance, property appraisal, or credit check, simply visit http://www.MichiganMortgageModification.com