The loan modification procedure should be easy, especially since President Obama has claimed that loan modifications are available to everyone. I can tell you from experience that this is just not true.
As with anything else, there are always stipulations and "fine print" as to why the lenders, because of one reason or another, will tell you that you are not eligible for the loan modification procedure.
One reason they will tell you are not eligible is that you are up to date and not behind on your mortgage payments. Personally, I am not willing to gamble that my house will go into foreclosure because I am late on the payments, just with the hope and no guarantees of getting your modification approved.
There are service firms out there that will promise you that if you work through them, they will get you approved and make it easy to get through the loan modification procedure.
However, they typically charge you between $3000-5000 to modify your mortgage loan. If you can't afford to pay your mortgage as well as other bills that are piling up, how are you going to pay their fee?
I found an easy and affordable way to get me through the loan modification procedure and it took all of the guesswork out of the equation.
The do it yourself (DIY) loan modification kit saved me thousands of dollars up-front as well as hundreds of dollars a month on my mortgage payments. The kit had proven legal forms and data sheets designed by professional lawyers, and the process is streamlined to make the process as simple and as quick as possible. They also include examples of "hardship" letters that are required by most lenders.
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