How do i get a rate modification for my mortgage?

Words from an Opinionated California Lawyer

In California, the Department of Real Estate website (www.dre.ca.gov) lists the companies that have DRE "permission" to modify loans... add to this list any licensed California attorney, and that is where you should begin your due diligence when you seek help in California. Other states probably have similar laws, so check with your own state DRE.

My law firm has been getting more and more calls recently from homeowners that were victims of predatory lenders who put them into an unaffordable loan and now fell into the hands of those same people who sold the toxic loans but profess to be saviors... DON’T BE A VICTIM TWICE!

Do your homework and THOROUGHLY investigate any firm before hiring them to save your biggest asset and the place you call “home.” These scammers are popping up like dandelions on a freshly mowed lawn. They advertise on the Internet, freeway billboards, radio, television, and print media everywhere. Make no mistake, in many cases, these are the exact same loan officers and mortgage brokers who fleeced homeowners the first time around. After losing their jobs with the crash of the mortgage industry, they have found a new way to make ill-gotten profits from hard-working homeowners through loan modifications.

In California, with very few exceptions (and attorneys are one exception), it is against the law for anyone to take money up front for helping a homeowner who is in default. Don’t trust a company that begins its relationship with you by breaking the law.

Of course, this is one lawyer's biased opinion, but one based on many distressing calls to my office every day. And, yes, my firm does take cases against loan modification companies who have violated laws. This field is quickly becoming one of the fastest growing sections for our mortgage law firm.

- Paul J. Molinaro, Esq.

Step by Step process to help you to Get a Mortgage Loan Modification

Step1
You might be thinking... I have bad credit, I am to far behind or I didn't know I could do this. Having bad credit and being behind are the qualifications for a mortgage loan modification. So you are starting out good. Yes you can do this yourself! You do not have to pay someone to do this for you.
 
Step2
Contact your mortgage company and ask to speak to someone in the loan modification department. Tell them that you are inquiring about a loan modification. They will take some information regarding your hardship and your income. DO NOT TELL THEM THAT YOU HAVE EQUITY IN YOUR HOME! If they ask say none. The more equity you have the less likely they are to help. Then they will most likely tell you that you "Do not meet lender guidelines for a loan modification". Don't worry they say this to everyone. Ask to speak to a supervisor. Explain your situation again to the supervisor.
 
Step3
Don't stop here. Research all that you can regarding your states laws on the new " Hope for homeowners program" and write to FHA if you have to. There are many programs out there that have been developed to help homeowners in your situation. I have listed a few in the resource section below. Use them as your ammunition when taking with your mortgage co. You can get a home loan modification that will lower your interest rate substantially per month. Just get informed on all that is available to you as a home owner.
 
Step4
Believe me the Mortgage Company does not want your house. They have so many now due to foreclosure that yours is just another one to add to the list. Most mortgage companies are offering mortgage loan modifications to their clients.

All the best

I may be easier to answer this question after obama announces what congress approves for the housing stimulous march 4.

Start with a talk at your bank. 

You will need to be in a position of need to get a modification (I assume you are looking for a smaller payment therefore a lower interest rate.)  Banks/lenders just dont go around and hand out rate modifications just because you want it.

look at obama announcments ;)