The Obama loan modification plan, Home Affordable Modification, has been designed with standard guidelines to allow the average homeowner to be able to work directly with their lender.
  The best way to get started on your do it yourself loan modification is to learn a few basic steps that are important to help get the successful result you need.
  No one expects you to be an expert on loan modifications, but you can learn enough about the process to work successfully with your lender and get your home loan modified into an affordable monthly payment.
  Most homeowners never expected to find themselves in this position, but the borrowers who learn how to qualify and meet the lenders guidelines will definitely have the best chance of getting the help they need and deserve.
  You can be one the homeowners who can say "I modified my mortgage and saved my home!" The first step is simple-decide to actually begin the process!  Many homeowners are intimidated by their lenders, probably because they have been getting not so nice phone calls from the collections department demanding payment "or else".
  First off-those are not the people you need to be speaking with-you will never get anywhere with the collections department.
  They get paid based on how much money they get out of you, they could care less about offering you any help.
  You must speak with your lender's loss mitigation department or home retention department.
  Every lender has a division that specifically deals with financially stressed borrowers and is staffed with employees who will work with you to determine if you qualify for a loan workout.
The second step is mandatory for success-make the commitment to learn as much as you can about how the loan modification process works, who qualifies for help and why, and how to prepare your own application so you will have the best chance of meeting your banks guidelines for approval.
  Let's face it, it's pretty hard to qualify for something that you do not even know the requirements for, right?  A loan modification could save your family's home, isn't a few hours of research worth your time and effort to make sure you have the best chance of approval? The third step, after you have a good general understanding of the loan modification process, is to prepare and submit a professional, accurate and acceptable loan modification application.
  This is not as hard as it sounds-you are simply making sure that your paperwork is completed so that it shows your lender what they need to see to meet the approval guidelines.
  The federal plan has standard guidelines for eligibility and standard methods of loan workouts for everyone-learn the basics of this plan and you are on your way to approval.
The fourth step is something only you can do-make the decision to fight for your home!  Obtaining a loan modification with your lender may not be easy-but it's worth all of your effort.
  Persistence and patience will be necessary to get the help you need-make the decision not to give up until you have that new loan paperwork in your hands! A do it yourself loan modification can be the answer for literally millions of borrowers facing mortgage payment difficulties.
  Some will be successful and some won't-make sure you are among those who get the help they need to save their home.
  Research, learn and prepare you loan modification application so that you will be able to get the help you need.
  No one is going to work harder than you will when your home is on the line-it's time to go to battle armed with knowledge and determination.