The world is facing hard financial times at the moment and everyone is feeling at one point or another. Some people are feeling it quite extensively when it comes to their home. Mortgage rates were perfectly fine at one point but now with unemployment or lack of proper funds coming in on a monthly basis, some individuals are looking to make modifications to their mortgage payments. Here are some tips on how to modify your mortgage without having to see the assistance of a financial consultant.

Document all of your credits and debits on a monthly basis. Most mortgage companies will be very thorough in regards to all of your income and expenses throughout the month. Every detail, from how much you spend at the grocery store to how much you pay for your cell phone service, will be researched and will be compared to your monthly household gross income. Being properly detailed on all of your financial data and having a proper gross income available to pay all expenses as well as your new proposed mortgage bill will be an advantage towards qualifying for a new rate.

Detail specifically that you have come across hard times in your life. Be prepared to produce a letter and or speech going over your hardship, whether it is an illness that has kept you off the job or a new job with less pay per month. Be specific in regards to the dates when everything has taken place and the details regarding any medical treatments or new places of work so that the mortgage company can investigate all of these matters to be truthful. If you are going through this with no income, you may not qualify for an adjustment but may still be in line for a payment deferment until you are back in the swing of things.

Each mortgage company has their own process they follow when adjusting rates that are paid on a monthly basis. Take this into account before anything and make sure that you have spoken with someone directly at all companies you are paying a mortgage with. Be specific about what is happening in your life and they should be able to provide you with all forms and instructions needed to start the process.

Each situation is different so therefore the mortgage company will be working with you to determine what type of payment modification will work best for both parties involved. From deferment to consolidation, the representative you are working with will go over your loan and should be able to assist you with going through the process. Make sure that you and your mortgage representative are in constant contact so that a quick resolution is made in order to avoid being delinquent on a payment due to lack of funds.

Most mortgage companies in this economy are feeling the brunt of the downturn in a similar fashion to every one else. Based upon this, you will find that they will be understanding when speaking with them and will do everything possible to work with you to obtain a new outlook on how you can make prompt reasonable payments that will not destroy your pocketbook.

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