In these tough economic times it is easy to get behind on your mortgage payment. One of the first things you should do when you get behind is call your lender and make some sort of an agreement with them but most borrowers don't even contact their lenders.

Property management is not the business banks want to be in. They don't want your property! Foreclosure can be costly and expensive so banks would rather work out an agreement with you than take your property. This way they can keep getting mortgage payments and you can stay in your home.

All this seems overwhelming at the time but your must call your bank first so that you can learn what options you have and what should be done next. Who do you ask for and what department do you talk to?

Depending on what stage of the default process you are in will determine which department you will want to deal with. So it is important to understand how servicing companies and banks work.

If your account is current then customer service will usually answer any general inquires. But if your account is not current then you will have to speak to the next level of contact.

The next and second level of contact department would be the collateral department. This is the department your usually forwarded to when your account first becomes delinquent. The purpose of this department is to collect a debt. That's it. They will usually not negotiate. They will say pretty much anything to get you to pay the money you owe the lender.

The third level of contact which is the most important department to contact if your trying to get your loan modified is called the loss mitigation department. This department is called a few other things such as work out department, loss prevention, loan modification, loan resolution, foreclosure prevention. They all mean the same thing. That is helping you work out some agreement to pay your loan.

The collections department will want to speak to you first about your delinquent loan and they will usually not give out any numbers to the modification department. Some banks might even tell you they don't have a mitigation department. If they tell you this they are lying to you. You must be persistent to get this information.

Not all green trust cash bad credit personal loans guaranteed approval 5000 will qualify for a modification. green trust cash installment loans uk direct lenders officers that are hired by the lender will look at these loans case by case to determine if you qualify for a loan modification.

Finally, the home retention department will hear your case. Some banks don't have this so your case would be dealt with in the loss mitigation department. The home retention department is the last stop before they begin the foreclosure  process. Sometimes the will offer a last resort to foreclosure.

While contacting your lender you will probably be on the phone for a long period of time and get transferred many times. But knowing what department your loan  will be dealt with in will help you cut this time short by requesting to speak to the loss mitigation department.

Once you are transferred to the correct department you will want to speak to the person who will be your contact through the whole process. Make sure to have their fax numbers and direct phone number. You'll want to have the same person throughout  the entire loan modification process.

When you speak to someone at the bank make sure you write down their name, job title and when you spoke to them. Keep this for your records in case of discrepancy. You should achieve your goal if you are persistent and keep telling them what you are trying to accomplish.

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Get Your loan modification kit today. Stop foreclosure and get your peace of mind back.