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I have lost my job and am now working as a cashier at a grocery store. The problem is that my new salary is not enough to cover the mortgage. I am in a very tight situation so I am curious to know my options. I have heard that applying for a mortgage loan modification can help reduce my monthly payments. Has anyone had experience with mortgage loan modification please let me know what are the steps to to lowering my mortgage payments.

I can tell you from my own personal experience.
First off, modifying your mortgage is a very difficult thing to do. Forget what the media and all these other yahoos are saying about the government’s modification act. Most banks are not willing to modify your mortgage without putting up a fight.
Why? Because it costs them money to do it. Most mortgages are sold off to someone else after you take out the loan, but the original bank still acts as the servicer. They receive a percentage from the buyer of your mortgage to handle the payments and record keeping.
When something complex as a loan modification is requested, any profits they would make disappear and as such they are reluctant to do it.
The media and the banks themselves don’t tell you this of course.
First-expect to hire a lawyer or get a legal aid lawyer. Most banks will not take you seriously unless you have a legal mouthpiece going to bat for you. Having a lawyer shows you mean business and just are not some schlub looking for a handout.
If you try to do it yourself, expect to be jerked around for months only to be told it can’t be done and by the way we’re starting foreclosure proceedings, which will only make the modification even more difficult.
The bank will not talk to you unless you are delinquent. And this is where time is of the essence-if you’re very late with your payments and they have’nt started legal proceedings it makes the process much easier. Once legal proceedings start, then it becomes difficult if not impossible to complete the modification because now the courts will be involved.
Second-you will be expected to make your new payments ON TIME if you do receive the modification. The bank will not care how you accomplish this. You will be told that the first 3 payments or such MUST BE ON TIME OR THE AGREEMENT IS NULL AND VOID.
Keep in mind whatever agreement you agree to will only stall the inevitable. Eventually over time your payments will return slowly back to where they originally were. The original terms and payments will not go away. ALL A MODIFICATION DOES IS LOWER YOUR PAYMENT FOR A PERIOD OF TIME UNTIL YOU CAN GET BACK ON YOUR FEET.
Third-If you feel you can’t keep up with the payments at any time now or in the future, consider selling the home while you can or give it back to the bank. It may seem difficult but it’s a far better option than having it being taken away from you. Also note that if you file for chapter 7 bankruptcy, don’t sign a reaffirmation of your loan. That way if you need to walk away you won’t be held liable for whatever is still owed.
Fourth-I can’t empathize this enough: NEVER, EVER, LET ANYONE TALK YOU INTO BUYING YOUR TITLE OR ASKING FOR MONEY TO REARRANGE YOUR LOAN. IT WILL BE A SCAM I ASSURE YOU AND YOU WILL STILL BE LEFT HOLDING THE BAG.

I hope this helps you and don’t believe Obama and his socialist bullshit. What I told you is the reality and what the government says is fantasy.
Good luck!

I’m tired of all these fake free but sign up now sites. Foreclosure searches must be free somewhere!

You cannot. Foreclosures are sold just like any other property through realtors.

We are a family of 4, my husband and I are 31 yrs old and have two children ages 11 and 2. We currently live in Clio, Michigan. My husband has been on unemployment for the last year and half, and I have been laid off for the last 4 months. House is in Foreclosure and Unemployment is ending. Our time is soon running out and having no luck finding employment. We have decided it would be best for our family to move out of Michigan and start fresh somewhere else. We favor the north east region and love the Portland Maine area. We’ve never been there, but have heard great things in regards. The cost to move there would take all we have. We are hoping to establish jobs first before going, and need to find a rental that we can afford on a low income. My Husband is very versatile and can do just about anything, I am in the home heath care industry and also can do any administrative job. I am very worried about what to do, Michigan’s economy is very bad, and we need to fresh start. We are used to cold winters and don’t mind the cold. Our #1 choice is Portland or surrounding ares. Willing to go where the housing is cheaper and there are jobs. Any advice would be great.

I do agree with McKenzie. Any where along the coast is worth living in Maine. Portland area might offer you better job opportunities. Summer employment is very good along the coast, not real sure about housing. I am further up the coast from Portland. Any questions just email

You are the first step in avoiding foreclosure by taking Action. Foreclosure knowledge will be critical to help stop foreclosure by knowing how to avoid foreclosure. Key terms are the first step then learning the related information and how to use it to your advantage. Start here and do not delay. Time is not on your side when it comes to a pending foreclosure.

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I heard a lot of loan modification lawyers or representives are scammers which end up denying loan modification process. I also heard that it is hard to get approve now for loan modification. Clarify me on this one too, please? I am interested on getting loan modification so help me to good legitimate and affordable loan modification officer. Thanks. tim

Do not choice any one who solicitates you online, in the mail or on TV. Most people who are solicitating people are probably running a scam, they are charging higher rates to pay for the time and effort they are spending solitating people or they so such a bad job they can’t get business any other way. I recommend that you start by contacting well known lenders, ie wells fargo, major banks, and credit unions and see what they have to offer. You can also search online, but if you find someone online make sure that they represent a well established company with good online reviews outside of there own website.

I am looking to get a heads up on foreclosures before they hit the MLS, Does anyone know how this is done ?? Do I look for the banks or the realtors to work with ??

Well, yeah, you do need an agent, unless you are willing to pay for the access to the lists. I have found a way to get around this before I got my Real Estate License. You can search on the web for real estate foreclosures. Then, look for a site that gives you addresses or partial addresses. Then, cross-reference them on a whitepages.com or daplus.us. This way, you can possibly find the names of the owners and possibly the phone number. Then you can approach them. Try this site, too: www.reoworld.com

Depending on what chapter you qualify for tells the time frame of how long it takes. Short version: A chapter 7 if you qualify for that will take approx 4 months from start to finish. You would retain the attorney, a month later go to court, and then 3 months later get your discharge, barring there are no problems with your case. If you don’t qualify for a chapter 7, and make too much income, you go into a chapter 13 payment plan, which are payments run thru the bk court system and they usually run 5 years, depending on income, some can run for 3 years. You can review a few websites for more information: www.bcsalliance.com www.totalbankruptcy.com or www.usbankruptcy.gov Good Luck!

How about 50%? Will we have a democratic voice that is still viable if we are renters from foreign owners in our own country? They are buying up the foreclosed properties…How will that affect you and your kids 5 years from now?

can a country remain free when you go into a store and 90% of the merchandise is made in other countries?

Can a country remain free when its own govt wants to put its people out of work and import foreign workers to work cheaper? or layoff its citizens to send their jobs to china?

In 2009 I sent $3,500 to a loan modification company that was suppose to get my home loan modified. Unfortunately for me the company stole my money, went out of business and I never got my home loan modified.

Can I write off the money used to modify my loan? If so, where would it fall under on my 1040?

Thank you for all your help.

Yes, you can. It falls under the Topic 504 – Home Mortgage Points. Here’s a link with more details on where it falls http://www.irs.gov/taxtopics/tc504.html

You should have saved your money and do the loan Modification yourself. It’s a simple process.

Paul A
www.loankit.org