If you are struggling to make your payments and have a loan with EMC, Bank of America or Countrywide, this article will explain new guidelines for a mortgage loan modification with these lenders.

These are a few of the lenders coming out and letting certain mortgage modification services take on some of the unbearable burden of processing files. With stacks and stacks of loan mod applicants on their desks, their loss mitigation departments can sometimes take 2 to 3 months to even get to the files. This means months and months of waiting for anxious homeowners to see if they qualified for a loan mod and what the outcome is going to be. With some of the new programs coming to light, a modification of ones loan may be able to be completed in as little as 24 hours to a weeks time. This is a huge difference from 2 to 3 months!

Most loan mod companies have one thing on their minds...getting paid. They want to collect the money for their services before they do anything. While I understand why they do this, it doesn't make sense to not do a single thing before they take payment. On the other hand, If they were to actually get the whole modification completed and then try to get paid, they know the chances of that are slim to none. What if they could tell you if you were approved and what your rates would be before you paid them? Wouldn't that be a change of pace?

One modification company (also a lender) is using their connections with Bank of America, EMC and Countrywide case managers to help homeonwers in need. They will get your loan number, call up the case manager and find out if you qualify. They will also let you know what you need to do if you do not qualify and may be able to get you into a negative equity refinance or a bad credit refinance if you are absolutely not going to qualify. Then, if you do qualify, they can let you know what your interest rate will be and what your mortgage payment will be when the loan mod is done. This can sometimes be completed in as little as 24 hours to 7 days depending on your lender. EMC is the fastest out there right now, with Bank of America being a close second.

One of the biggest (if not THE biggest) road blocks for homeowners trying to get a loan modification done themselves is getting their files into the hands of a bank negotiator. To do this, you have to first get the file approved with the lenders case manager, who will then turn around and pass it on to a negotiator. They are the ones who approve the modification. With their deep lender contacts and extensive knowledge of current lender guidelines, this company can streamline the loan modification process and put you on the fastrack to lower payments. They know exactly how to get your files in the hands of a negotiator.

Once your loan mod docs are signed, this company can often times suspend the initial payment for 30 days to further ease your financial stress during these tough economic times. They also offer payment plans for this service and accept credit cards.

If you'd like to see if you are a candidate for a Countrywide, Bank of America or EMC loan modification, all you have to do is click one of the links below and call the number. If you have called any modification services previously, you'll no doubt see that these guys are completely different...in a good way!