As with anything nowadays you have to be careful about who you use for any type of service.  Whether it be contractors you use in your home, mechanics who work on your car, or anything you need help with because you feel you can’t do it yourself.  This includes matters pertaining to real estate.

There are lot of companies claiming they can help you with modifying your loan.  We have heard many sad stories from homeowners who were contacted by a company who promised or guaranteed they could their loan modified.  In the end these companies took their money and never delivered on their promise.  Oh so sad.

The California Department of Real Estate, (CA DRE) publishes information on “Protecting Yourself From Scams” .

If you choose to do your own loan modification, and it can be done, here are some things you need to know.

1.  Be prepared.  It will take time, patience and perseverance.  You will need to be calling the banks constantly to follow up.  Several times a week.
2.  Visit the bank’s website.  Most all banks have information on forms you’ll need to complete and where to send them to and how to contact them.
3.  If you receive a Notice of Default, don’t wait to contact until the last minute to call an experienced “Short Sale Agent” .

Here are some forms the bank will be asking for:
Request for Modification & Affidavit  - (RMA)
Form 4506-T – For ordering copies of your tax returns
Dodd-Frank Certificate

Most of the these forms are in PDF format and are also available at www.makinghomeaffordable.gov. Clicking on any of the above will open up a new window that will allow you to download them into your computer for your use. These forms are what you will need to submit your loan modification request with your lender(s).