Believe it or not, you actually hold the upper hand when it comes to Mortgage Loan Modification in this situation. Your lender will have to pay a very high price to foreclose on your home. Added to this, is the mounting pressure from other companies and organizations for your lender to be more lenient with you in these hard times.
Think of all the memories your home holds for you. Do you recall the lazy days lying around or watching the children play. Maybe you have experienced countless emotions. Whether you have been happy, sad or angry, your home is something that you don't want to lose!
Your lender is not in the business of selling homes. The additional costs and fees associated with foreclosure will leave your mortgage provider looking for other suitable solutions.
With a Mortgage Loan Modification plan, you can reduce your payments for a period of 5 years to something far more affordable. The government can even reduce your mortgage principle in that time. This is a win-win situation for both parties. You get to keep your home, lower your repayments and have your mortgage balance reduced. Your lender doesn't have to go through the effort of trying to foreclose and sell your home and still receives some form of payment from you.
However, with a solution, there is usually always another problem right around the corner. Many people in your circumstances, resort to contacting attorneys, companies and specialists in mortgage foreclosure and loan modification. The fees that you can expect to pay can be astronomical and maybe even push you into further debt.
Some Loan Modification Companies have been reported to charge anywhere between $1500 - $5000 to perform this service. So this, of course, has led the way for certain individuals to fight back and complete the Mortgage Loan Modification process on their own.
If you need a step-by-step system and don't have up to $5000 to spend on Mortgage Loan Modification fees and charges then Click Here to see what other people who have "done it themselves" have to say.