The first step in the loan modification process is to prepare yourself. Many borrowers, when considering loan modification, have feelings of embarrassment or failure.
Very few people take on debt while fully expecting never to pay it back. The overwhelming majority of us have a core belief that if we borrow, we owe, and if we owe, we pay.
It is important for you to know that you are not the only one facing this problem. Thousands of people are in the same situation. The most important thing you can do is understand that for lenders, this is not personal, this is business, and they are not judging you.
When you ask about ways to save your home, your lender will ask you a series of questions to determine whether there is a more viable option than foreclosure. Remember that most people fall behind on their mortgages because of unexpected life events, such as job loss, reduced wages, divorce, extended illness, or death. It is important for you to be honest with your lender so that all options can be explored.
Keep in mind that the sooner you make contact with your lender to explore foreclosure alternatives, the more options you will have available to you.
Proceed to Step Two
