While a foreclosure is like watching your dream home being flushed down the toilet, it is also scary to the bank to think of the foreclosure process. Always remember, your modification is a negotiation. And hopefully, a negotiation that you and your bank can live with.
Always begin your negotiation with a rate lower than you think you can get. This way you have room to negotiate. When you are explaining to the Lender that when you give them a new estimated value for your property that you back it up. You can contact a local appraiser or realtor to see what the properties in your neighborhood are going for or you try some of these popular sites: www.zillow.com, www.cyberhomes.com, www.comps.com. If the value is less than what you owe then ask for a principal reduction.
Note: Once your loan is modified it’s a done deal. There will be no 2nd chances so be sure the terms are something that you can live with for as long as you plan to stay in the home.
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