The global financial crisis has nearly financially incapacitated many thousands of homeowners and brought them at the brink of default and foreclosure. The harsh times brought about by economic crash, massive inflation, rising commodity prices, layoffs, etc. have made maintaining one’s lifestyle a challenge more over making on time mortgage payments. The circumstances had already caused many homes to be lost in one fell swoop.

Loan modification as the best means of preventing foreclosure has been the answer to the prayers of many homeowners. Through alteration of the original terms of a note, the loan becomes borrower friendly and the mortgage payments become more affordable to the homeowner. Loan modification though, is not quite simple. A homeowner should learn as much as he can about it to be able to save his home. Several important matters should be fully understood by the homeowner and one of them is documentation.

Documentation is keeping documents as proof of whatever happens connected to your loan modification efforts. First, create a spreadsheet to serve as a call log to help track and serve as proof of your diligence on completing your loan modification. It will also facilitate keeping your notes in one place. Such a document is vital as you are sure to be talking to quite a number of personnel from your lenders loss mitigation department. The loss mitigation department is likely to have phone logs and notes to track all your conversations but it is still useful that you have your own records of the conversations. You can take down promises, comments or details that will help you overcome objections when talking to other personnel of the department.

Be sure to capture the date, time, number called, person spoke to (be sure to get the full name of each person) and detailed notes of the conversation on your spreadsheet.

Doing your own documentation not only keeps you organized, it also allows you to have proof of your efforts to improve your situation in case your lender initiates foreclosure proceedings. It will prove to all concerned parties that you have kept your end of the bargain in good faith and have really persevered to have an agreeable and fair solution to the issue.

Please Take Caution
Please be careful when hiring a loan modification company to help negotiate loan modification for you. The experience and expertise you will be outsourcing from them will surely come with a fee. Always remember that even after you have contracted the help of a loan modification company the salvation of your home still lays primarily in your own hands. There are many scammers who will claim to help you but will only actually steal your money and probably even your home from you. Carefully check the reputation of the loan modification companies offering to provide solutions for you. And please, neglect those unknown companies who offer loan modification assistance for free. Helping in loan modification negotiations will surely come with costs so it is very unlikely for anyone to offer help without charging a cent. Having a good loan modification company to help you is very rewarding, but having a bad one is like throwing away your money and your home.

CallComLeads [http://callcomleads.com/loss-mitigation-leads.html] is a reputable loan modification specialist and CallComLeads [http://callcomleads.com/loss-mitigation-leads.html] is a tested provider of high quality loan modification leads.