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A loan modification occurs when terms of a mortgage are modified outside of what was originally specified in the contract. The federal government passed the Federal Home Affordable Modification Program (HAMP) in February of 2009 to streamline the loan modification process. This legislation was recently amended to include provisions to encourage short sales, known as the Homeowner Affordable Foreclosure Alternatives (HAFA) program.
Loan modifications typically work best when the gap between market value and the amount owed is relatively small; lenders do not typically perform principal reductions (this is a reduction in the amount of principal owed on the mortgage).
Loan modifications do work for some. To find out if loan modification would work in your situation, please contact us to set up a free, no obligation consultation.