Loan modification is the process someone undergoes to get their mortgage payments lowered, but only when they are having a hard time coming up with that monthly payment.
There are certain requirements to get this economic aid in difficult times, and to ensure that a person qualifies it is best to find the help of a good company that specializes in applying for this type of loan.
But how do you find a good loan modification services company, since this is a fairly new type of loan and probably only a temporary one set in place until the economy recovers? Well, the first thing you want to do is look online for companies that have successfully helped people apply for a loan modification.
You don't want to just choose the first company that shows up.
But you do want to compare different companies, prices, and services.
Then you want to choose two or three services, and pick up the phone and talk to them.
See what their process is and how it is that they help you apply for the loan.
Find out how many people they have helped.
A good modification services company will offer you a great deal of help, and first free consultations.
They will usually prequalify you over the internet by allowing you to fill out an application.
After all, they need to know whether they can help you our not.
The basic requirement for the modification process, is that a home mortgage be less than 729,000 and that the house have been purchased before January of 2009.
A good loan modification company will go over the requirements with you first, just to make sure you qualify for the loan and before starting the application process.