What would be the best way to make a loan modification on your mortgage? ?

A loan modification, by definition, is made to your current loan. If you don’t like your current lender, your only option is to refinance.

Most lenders will not deal with the homeowners directly. Here are some tips for working with a loan modification company:

They can save you a lot of money. I would leave it to the professionals. My aunt used a loss mitigation company to “redo” the terms of the loan at an interest only payment at 3.5% for 4 years. The company did some arm twisting with the bank to get them to accept these terms to avoid a foreclosure. She went through the free evaluation form at and a rep called within 24 hours. Best of luck whatever you decide.

A loan modification is very difficult to achieve on your own. You need to know the right people to talk to, the right procedure….it is very frustrating. Check out. I used them and first they gave me a free consult to let me know if I could even get a loan modification. (you have to have gone through a temp. hardship that is now over and you can once again make payments.) I used an attorney so they just negotiated with the bank’s attorneys.

Hi Diva,

I totally feel your pain. I recently closed on my loan modification and I gotta tell you, all those stories about scams etc really got me nervous. All these mortgage companies are trying to get a piece of the action and they were the main problem for this whole real estate mess in the first place. I know it’s nerve racking to give money up front. Some places I found charge any where from $3000 and up for their services. Most of the time it’s non-refundable. That’s ridiculous!!! I did however ended up working with a company called Option Next (they’re loan mitigators who work under lawyers licensed in all 50 states). They do collect a fee of $495 upfront but they have processers and lawyers who are providing a small evaluation service. But they themselves are also taking a risk. When all is said and done, the end fee was $1500. So, they don’t collect the whole thing upfront (which was easier for me, cause honestly I couldn’t even pay my mortgage so how was I supposed to come up with thousands of $s) All in all it was a good experiance. I spoke with a very nice woman, Cristina (i referred my mother-in-law to her also, because she speaks spanish) and she walked me through the steps. I ended up getting my payment to $1980 from $2909. The past due pmts got rolled into the new loan and my rate is at 5% and FIXED! But I’m sure any savings would be great, right? Good Luck!!!

Lily

1(888) 311-NEXT (6398) ext# 878