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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