Many homeowners are finding themselves in a debt trap and are looking to renegotiate the terms of their mortgage. To address this, a writer in the Washington Post has written a concise step-by-step guide on how to get it done. In sum:

  • Establish that you would be better off with a modification than with refinancing.
  • Deliver the information the servicer requires, in the form the servicer specifies.
  • Make sure the information you provide is correct.
  • Make sure your information does not get lost in the shuffle.
  • Determine whether you are eligible for special modification programs.
  • Nudge the servicer as needed.

Those are just the highlights. Read the entire article for a full explanation of each point.

Credit: Washington Post