What is the best way to restructure a mortgage?

I am helping my dad restructure 2 mortgages which are both 2-3 mo's late. What is the best way to do this? He tried himself in the past, but feels now that he is late, it is best to let a professional handle and negotiate for him. However, the co's all seem to charge fees upfront. He seems to think this is OK, however i am cautious. Does anyone know of a good site or co? Should we call a mortgage broker? Thanks for any advice.What is the best way to restructure a mortgage?
The odds of you lowering your principle are close to hell freezing over. It is not like interest, it is cold hard cash you had in your pocket. You are asking to keep it without earning it, free money. It isn't going to happen, so stop asking.





Concentrate on lowing the interest and increasing the term, they can do this without a loss of capital. You will have an easier time.





Also, each time you try you have to start all over. The every first thing you have to do when you talk to a work out rep is tell them you do not qualify for the Obama plan. Some of the banks computers close your request as soon as the conclusion of rejection is reached.





Another tip, learned from much frustration, is to keep your package together at all times. The banks tend to loose things in shuffling, or over look them, or whatever. Anyway, it is REALLY common for them to ask you to resend a document. It helps to send that document as page 1, but include all of the other ones too. This trick reallly helped me shorten the amount of time it takes to get this done.





Additionally, once you talk to someone who seems to know their a@@ from a hole in the ground get their name, and direct number. Kiss that a@@, becaue if they like you they will tend to help you. They are mostly young people, very susetptible to flttery. ';Oh it is so great to find someone who really knows how to get this done. I am so tired of talking to confused people. I am so glad to finally get ahold of you.'; blah blah blah. Sometimes you have to swallow your pride.What is the best way to restructure a mortgage?
Try again to DIY before calling a co. to do it for you.





Call the mortgage companies directly, explain your situation and let them provide some alternatives. If at all possible, speak to the same person at the mortgage company everytime.





If both mortgages are with the same bank, it'll be easier to work out something.





As screwy as it sounds, now that he's late, he has a better chance at modifying his notes than if he was on time.
There is nothing those loan modification companies can do for you that you cannot do yourself. It is certainly not too late. Start a dialogue with the lenders, KEEP NOTES of who you talked to, when, what was discussed, what you faxed and to what number, etc., etc., etc.. But definately start with the company(ies) that hold these notes.
When I did my modification I went through a company who worked very well with me. I was able to reduce my payment 300 a month and get caught up to date. There is a formula that needs to be used in order to get the approval If you have any more questions please feel free to contact me