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To be eligible for a loan modification you have to be able to provide a hardship letter explaining why you can make your current payments and proof of a job along with providing all of your financial statements (debt,income, taxes, and savings) so that your lender can modify your payments to match your debt to income ratio. If you feel confident about being able to provide these things without having to lie or hide your assets then I suggest talking to your lender directly. All loan modification companies do is provide what I just stated to the banks on your behalf and then charging you thousands of dollars for it – while others show you how to hide your assets to get a better rate... which I would not recommend.
Unfortunately for many people if the hardship you are facing IS the loss of employment then you will need to look for other options since a bank will not do a loan modification if you are unemployed (they cannot structure a debt to income payment without any income coming in – I'm pretty positive about this but correct me if I'm wrong). At that point if you cannot afford yourpayments then you should look into options of a short sale, deed in lieu of foreclosure, foreclosure, or learning how to delay the foreclosure process as long as possible. Hope that helps!
Also if you see this sunnyview just wanted to say hi! I just learned about the advice section of Zillow and joined yesterday - now I'm hooked on answering all these random questions – I see your one of the top posters which is insane given that you don't work in real estate so keep up the great job!
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