Talk with your lender
To know about your loan modification options, you should start talking to your lender. According to the US Department of Housing and Urban Development (HUD), this is an important step in preventing foreclosure. This is because your lender would have the final say on whether a loan modification can be granted or not. Be that as it may, you should not be too much concerned about the lender's cooperation. More often than not, lenders are willing to work out a solution with borrowers regarding loan modification. This is because loan modifications present a viable solution for lenders compared with the expense of going through the foreclosure process. Lenders run a business; they would almost always go for a deal that would give them profits and minimize their losses. A borrower defaulting, or not paying the loan, will end up as a more staggering loss compared with making loan modifications.