Many homeowners have experienced difficulties and frustration getting through to their loan servicer when trying to obtain a loan modification. To help alleviate some of the stress associated with this task, consider some of the following tips:

• Keep detailed written records of every contact you have with the servicer, including logs of phone calls and copies of written correspondence.

• If the servicer makes a promise, such as crediting a payment, modifying the loan, or stopping a foreclosure sale, get it in writing.

• When seeking a loan modification, send a request in writing asking the servicer who owns the mortgage loan. Some banks and investors have policies on which loans they will modify.

• Beware of servicers advising them to stop making payments because they have

applied for a loan modification. Instead, homeowners should continue making payments for as long as possible, even if they cannot make the payment in full. Otherwise, the loan will accrue more interest, and will cost more in the long run.

• Borrowers who feel they cannot resolve their problem or those who think their servicer may be violating their rights are advised to contact a non-profit housing counselor or seek legal help.  Housing counselors can help negotiate a loan modification for free.

• Consumers can visit the Treasury’s Homeowners Web site to find out if they qualify for a loan modification under the Obama administration’s program Making Home Affordable.

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