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First, you do not want to ignore this problem because it will not get better or go away on its own. And the longer you wait the less chance there is of finding assistance. Call your bank and tell them you: can't afford to pay your mortgage; that you don't want to be foreclosed on; and you don't want to declare bankruptcy at the present time. Talk to them about: loan modifications and short sales.

A loan modification is a renegotiation of your current mortgage terms and requires that you qualify and be approved by your current mortgage lender. Basically, the terms of your mortgage, like the interest rate and number of years you have left to pay, will be altered in order to lower your monthly payments to make them more affordable for you. Not everyone qualifies for a modification, less than 25% of people who apply are granted one. The government's Home Affordable Modification Program (HAMP) helps homeowners with modifications. There are several types of modification programs available.

To find out if you qualify

Once you've applied for a loan mod, what are your chances of getting it with your servicer?

The eight largest servicers:	Here's what happened to applicants, as of August 2011:
	No mod		Waiting	Got a mod
	Denied	Trial cancelled	Currently in a trial mod	Non-HAMP mod	HAMP mod
American Home Mortgage Servicing	23%	2%	11%	37%	28%
Bank of America	29%	24%	8%	20%	19%
CitiMortgage	36%	18%	3%	24%	19%
GMAC Mortgage	53%	4%	2%	21%	19%
JPMorgan Chase subsidiaries	44%	9%	4%	29%	14%
Litton Loan Servicing	43%	10%	2%	33%	12%
OneWest	47%	10%	4%	17%	22%
Wells Fargo	31%	15%	5%	30%	20%

(Source: Treasury Department)

Home Source Cape CodYour Source For Real Estate Sales, Rentals, Mortgages & More!

Home Source Cape Cod
Your Source For Real Estate Sales, Rentals, Mortgages & More!