Many homeowners are finding themselves in a debt trap and are looking to renegotiate the terms of their mortgage. To address this, a writer in the Washington Post has written a concise step-by-step guide on how to get it done. In sum:
- Establish that you would be better off with a modification than with refinancing.
- Deliver the information the servicer requires, in the form the servicer specifies.
- Make sure the information you provide is correct.
- Make sure your information does not get lost in the shuffle.
- Determine whether you are eligible for special modification programs.
- Nudge the servicer as needed.
Those are just the highlights. Read the entire article for a full explanation of each point.
Credit: Washington Post