You Can Do Your Own Loan Modification?

Yes, one can do their own loan modification. There is no pressure to hire someone to do your loan modification. If you become sick, you can also go to Save-on Pharmacy, and buy over-the-counter-drugs, and see if that can cure you. It may, if you have a common cold, or flu. But what about, if you have (God forbid) liver diseases, or pancreatic problems, or cancer, which is proliferating like jungle’s fire in USA. I hope and pray that a medicine is found in our lives for this horrifying disease. The foreclosure is one such cancer which is eroding our home values, destroying the family nucleus, and otherwise making us distrustful of the whole situation. Our homes are not American Dreams anymore, they are becoming an American Nightmares, unfortunately.

First rule is persistency. As long as you are persistent and can talk to your lender in persuading them for modification, there can be good result. Make sure you do not lose consistency in your approach. Call them regularly and take down the names, as well as the date and time. But the problem arises that all of your lenders are swamped with loan modification requests. Their phone lines are jammed with impatient borrowers talking to them in angry tones all the time. That causes lots of frustration on both ends. Remember, you are talking to someone who is hourly paid and most of the time anywhere from $10 to $12 dollars an hour. He/she has no incentive to produce anything tangible in this short period of time. You can complain to his/her boss, but both of them are new on the jobs and most of the borrowers’ expectations are very high. Even though most of the borrowers had not sent their mortgage statements, and if sent it, it was some twelve months ago. They are good in a discussion of rights and wrong. But remember, this is an unending process and you loan modification has to fit their changing needs and expectations as well. Again, you had involved professionals before in your home any way. Let me refresh the professionals who worked on your home.

–You have hired a real estate broker or sales person.

–You have hired a loan officer.

–Your escrow officer was a professional.

–Your mortgage broker was a professional

–Your appraiser was a professional.

Remember, you had hired professionals on every step of your home purchase. Now, why not hire someone who knows this field in and out and can be a dependable asset for the protection and viability of your home. Please do not hire anyone who does not know this field for small amount of money. These scam artists are the one who destroyed this home industry in the first place. Also, please see my article under how to write an economic hardship letter. Follow the fine points there, but make your own hardship letter.

When you talk your lender Thursdays, and Fridays are better days. Make sure you write a journal, and take down the name, phone and extension (or employee number) who you talked and time of the day.

Make separate notations for fax numbers because each section in your loan modification may possibly have different fax numbers.

Also, the customer service 800 number and the loan modification 800 number can be different. If you start with the customer service (usually there is not much liason between these departments), you have to listen to all those pitched professional debt collection tactics. It is better to call the right people in the very first time. Be polite to give and verify all the information about you. This is just standard practice about your information. Please just don’t presume any hostility toward you. It is just the way your lender is doing practice. Remember, all in all they are debt collectors, and you were behind on your payments. So don’t expect too much courtesy, and don’t get upset and forget your razor sharp sensitivities somewhere else. It is not the time for all that.


  1. I am interested in contacting you and hiring you to help me with my Country wide load. I am looking for a loan modification. Please contact me via my e-mail or if you have a phone please send it to me and I will call you.

    Thank you very much in advance.

    Alvi C

  2. THe loan in our house was foreclosed on March 27,2012 and we ordered a bloomberg securitization audit by certified auditor and it showed that the note was sold for numerous times ans the note was sold for $25.00/share and worth 6 billion dollars , loan was already paid,the note and the deed of trust can not be separated and causes nullility . Any suggestions. thank you very much.

    • I don’t know how this Bloomberg report would help you at this stage. First of all, these securitization reports are purely junk, and had no legal merit. This particularly is not connected with Bloomberg. Even, if they find any merits, no attorney can be satisfied because it is the attorneys who file lawsuit. It is like going to get a lab report and then seeing a physician who may or may not order the same test. I am sorry, I think you have been duped again in this non-sensical thing.

    • The loan is foreclosed, and now this debt may be wiped out via the Debt Forgiveness Act, as this is the last year for that. You want to revive your loan? What good is securitization which I personally oppose it all the time (because the attorney still has to be convinced of all the violations, and courts give a scant respect for these reports. In my view, they are the biggest rip off). My suggestion is talk to a licensed attorney and get his views in your jurisdiction. These reports means nothing to me, and personally I give them only one cent.

  3. I have been talking to a person who said that he was a forensic professional who would look threw my mortgage papers to see if I was a victom of preditory lending. Is this a scam? He has asked me all kinds of questions over the phone and has waited untill I had the correct information in front of me so that I could give him the best information. He said that he does an initial consultation over the phone to see if there is any discrepencies ie grossley misstated income and non verification of income. If there is enough to meet the preditory lending guidlines he would build a report for my attorney. We are only going this direction because last year we applied for a loan modification and were denied because they said that we made to much money, wich is just not the case! Our mortgage payments are 66% of our income and we are self employed. In January of this year we had no business and used all of our savings for our business overhead and there was not enough to pay our mortgage. It is now march and we are just starting to get jobs again (construction) but we are still not able to pay our mortgage.

    • Nine out of ten like them are scam. It is like going to get a lab test before you see a doctor. You don’t know what tests doctors is going to ask? What violations they can find? If your loan is 5-8 years old, most of the violations, if any, are time barred to start with. Also, his “attorney” cannot file anything because all attorneys have to (if you are in Nevada) approved, and in California, cannot pay any money upfront. Even if they find a violations, there cannot be any lawsuit based on these violations. Thousands of cases had been filed, and court had thrown away thousands on the same reason. A mortgage is also a promissory note, and a contract, and as such is binding on both the parties. You have to pay a mortgage every month according to the terms of the deed, and if you do not fail, the lender can foreclose it. Lately, and since the crisis years of 2005-2008, the lenders have been increasingly became very responsible, and are not making those generic mistakes, they used to do. I would suggest you pick up the phone yourself and call your lender, and find out if you qualify for a loan modification. If anyone tells you that you become a home owner based on some “present the note” non-sense, just hang up the phone because that is not true. If you can’t pay the mortgage, or if the lender does not modify, think about the alternate to loan modification.

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