mortgage loan modification

Have you contact them and requested the loan modification, you need to send them a "hardship"letter explaining what happened that you fell behind on the payments they will probably offer some other type of forearance before they accept the modification. Once they dom they will send you a package with a lot of forms you need to fill out, send proof of income and other forms, then you send it back and it will take about 3/4 weeks before you hear from them whether they would do it or not (after they see all documents you sent back. We did that and worked out OK. Loan Modification is simply they will put the amount you are behind at the end of the loan (your date for the final payment for your house will be changed) but then you et to start up to date again. Hope this will help.

My modification worked a little bit differently than the previous poster. My mortgage company actually has a section on their website that you can visit if you are having a hard time paying your mortgage. They have all of the forms right on their site. I filled out the forms and faxed them in. I had to make several follow up phone calls and give them some additional information. Then they sent the modification forms to me in the mail. They reduced my interest rate slightly (I already had a pretty good fixed rate) for three years and changed my payments to interest only for that time period. At the end of the three years, my interest rate reverts to the previous level, and my loan gets reamortized so that the payoff date remains the same as in the original loan. This means that at that time, my payments will be about $100 per month higher than they were before the modification. The hope is that the economy will improve in that time and our income will increase by then.

Good luck!

lower interest rate and have forty years mortgage.