Many people often ask me if I can send them an exhaustive list of lender contact info to help them with their loan modification business. Unfortunately, I don’t have that, and it’s likely that no one will ever have that. There are literally thousands of different banks out there, many with multiple numbers and departments depending on the specific investor or region for any given loan. To confuse matters more, lenders change numbers, create new departments, change processes and go out of business from time to time, especially these days as banks are cutting jobs and dealing with high volumes of defaults and mod requests. Plus banks get bought by other banks, sometimes keeping the old department and numbers, and sometimes not. Long story short, compiling an accurate, up-to-date, and exhaustive list would be extremely difficult, if not impossible. You’re better off just keeping your own current lender list and updating it as you go. Add to the list every time you have a client with a new lender. All the info will be on the mortgage statement and the website, and you can get specific department (i.e. Loss Mit, or Loss Mitigation, department) contact info from there. You should keep a lender contact spreadsheet to help you keep your files and communications organized. All that said, however, here are some websites that have lists of contact info for many common banks. I’ve personally checked the links and called some of the numbers on these lists; some still work, while some don’t. These links can be a good start for compiling your own list. http://lvattorneyma.wordpress.com/2008/12/13/list-of-loan-modifications-lenders/ http://www.loansafe.org/forum/loan-modification/133-lender-information-apply-loan-modification-loan-workout.html

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Once you reach the point that you are considering loan modification as an option for you financially you have already done some fairly serious damage to your credit rating.
The truth is that every late payment you make chips away at your credit score a little at a time. If you are considering a modification loan then you have made at least three of your mortgage payments late.
Hector Milla Editor of the “Best Mortgage Loan Modification” website — http://www.BestMortgageLoanModification.net — pointed out;
“…Going through the loan modification process can actually affect your credit rating more than you might think. Although a loan mod will not eliminate any payments due on the principal of your mortgage, what it will do is wipe the delinquent payment slate clean on your mortgage…”
The modification of a loan requires a review of your current income to ensure that you will be able afford the terms of the modified loan. If you can show a lender that you can make the payments and provide them with a reasonable explanation of what happened that made you fall behind financially and how you pulled in back together the lender may approve you for a modification loan. The most important thing that this will do for your credit rating is to bring your loan current once again. As mentioned earlier your payments will not go away, those will be absorbed into your restructured loan and remain a part of the principal balance due. It will however remove all of those late fees and penalties that have accrued while you have been late.
“…Late payments account for about 30% to 35% of your credit score so every account that becomes current has a positive affect on your credit rating. The fact that the loan mod will create a clean credit entry where before there was a delinquent one will improve your credit rating. Loan modification may not solve all of the credit issues that are negatively affecting your credit rating, but it will begin to improve it instantly…” H. Milla added.
Further information about how to get professional assistance with a mortgage loan modification by visiting; http://www.BestMortgageLoanModification.net

Mortgage payments become more affordable thanks to the federal government’s loan modification plan. The loan modification process combines several measures taken by the lender, including the lowering of the interest rate, an extension of the loan period (up to 40 years) and even a reduction of the original debt. One can consider a loan modification to be successful the moment he/she can afford to meet monthly payments, without suffering from any of the negative consequences foreclosure might bring about. You must have heard about the fact that no penalties or late fees will have to be paid when taking part in the loan modification program. While some lenders prefer to waive these fees, others prefer to include them into the new loan. Each situation has its own advantages and you will have to personally discuss with the lender potential late fees that can be either forgiven or introduced into the new mortgage. Keep in mind that the lender might also be interested in inspecting your property and in conducting an investigation regarding your financial situation before actually agreeing to the loan modification. Qualifying for a loan modification program means that you will have to meet several eligibility criteria. The lender will be inclined to discuss a potential agreement provided that you can demonstrate that you will be able to meet the new payments and not end up in the same situation in the future. For that reason, the lending institution will require detailed financial statements, evidence of your income and even statements from the bank. Both government officials and lenders highlight the fact that you do not have to be delinquent on your mortgage to benefit from loan modification. This means that these programs are open to those who anticipate potential financial problems and the inability to meet monthly payments in the near future. A proactive approach through a loan modification program is the best solution to avoid becoming a distressed homeowner and having to deal with foreclosure. So, in short, you do not have to be currently delinquent for your loan modification application to be accepted. The federal government’s loan modification will prevent foreclosure from happening and it will save you from a terrible experience. You will have to demonstrate your financial difficulties to the lender and the best way to do that is to include a well-written letter in the application. The lender will agree to new terms, even if you have missed one or even several payments.

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In order to be successful, loan modification requires considerable knowledge and ability. The loan modification program introduced by the Obama administration has been designed considering the various needs of borrowers, the conditions that lead to default payments and numerous other factors. As regards the benefits of Obama’s loan modification plan, we find that the plan’s main objectives are to keep owners in their homes and to negotiate the terms of the loans in order to make monthly payments affordable. These are major benefits indeed. Foreclosure happens when the owner defaults on the payment, being unable to meet the monthly expenses due to various reasons (the loss of his/her job, for example). The loan modification program will reduce the number of foreclosures and have a positive effect on the real estate market. The government and the lending institutions, in a joint effort, will negotiate the terms of the loan in order to reduce monthly payments. Payments will reach a maximum of 31% of the borrower’s income, the entire loan modification program being made even more attractive thanks to the variety of incentives offered. Cash incentives have been offered with the intention of encouraging borrowers to enter the loan modification program. The sum promised is of $1000 for the actual loan modification and an additional $1000/year (for three years), on the condition that the borrower does not default on the payments any more. The loan modification program focuses on reducing the interest rate and extending the term of the loan in case the desired percentage of the gross monthly income is not reached. It also includes financial incentives such as the ones mentioned above. There are certain eligibility criteria that one has to meet, the most important being that one has to be the primary resident of the home and that the loan was taken before January 1st 2009. As for the benefits that the loan modification program brings, these were briefly explained here but there are many more. You can take all the time you need to consider the benefits of Obama’s loan modification plan. The truth is that this program is addressed to borrowers who are responsible but who lack the necessary financial resources to meet monthly payments. In times of financial hardship, participating in a loan modification program might be the only solution left in order to keep your property and avoid the dreadful situation that foreclosure brings about. Thanks to this ingenious plan, the housing market will soon stabilize and the number of foreclosures will decrease.