I saw a law firm call Phillips and Associates advertising loan modification services.  Do you need to hire a law firm like Phillips & Associates to do a loan modification or can you do it yourself?  The truth is that you do can do a loan modification yourself and save yourself a retainer fee.  I would hire an attorney or someone else to handle your mortgage loan modification only if you are paralyzed by fear and know that you would be taking ineffective actions in getting it done.

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How To Negotiate With Your Bank For A Better Mortgage Rate.  If you are having a hard time making your mortgage payment, your bank may be willing to renegotiate new loan terms with you.  Through the loan modification process you can actually get a new interest rate, lower principal amount or even a forbearance agreement.  Most lenders including Bank of America, Chase, IndyMac, Wamu, Washington Mutual and Wells Fargo have dedicated departments set up just to help borrowers and homeowners work out new mortgage terms so they can stay in their home.  You can either go online or call your bank to ask for the loan modification or loss mitigation department to get started.

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