Loan modification plan
Having a plan before going into a loan modification is not a necessity but it is definitely a smart move.
You need to think about who you will be dealing with. Both at the bank, and what attorney or company you will have to help assist you.
You need to think about a reasonable monthly mortgage payment that you can pay. Don’t be greedy, put the number as high as you can reasonably afford, it will work out best for everyone this way.
You need to think about how long you can wait until the deal gets done. Loan modifications can take a long time, sometimes up to 2 or 3 months, if you do not have that type of time financially, you need to let everyone involved in the deal know. This can speed up both the negotiating process and the “BS paperwork” process.
Come up with a plan, be prepared, and you will be well on your way to a successful loan modification.