You do not have to pay to apply for a loan modification! You have the ability to do it yourself and not pay what can be high fees to a "loan modification company." I have come across homeowners that have paid high fees for someone to do what they could have done themselves.

The process is similar to a short sale. Gather the required documents and send them to the bank. It requires patience, determination and many phone calls to the bank, but it is free. Loan Modifications are worth the effort to try but you should know going in that most don't work out. If it works out you will most likely have a trial period before it becomes permanent. If you miss a payment during this trial period it will terminate the modification.

More and more banks are wanting the borrowers to try for a loan modification before they try for a short sale. If you need some advice, give me a call. I would be happy to answer any of your questions.