Can I negotiate a loan modification myself?
In short, yes you can. You can contact your lender or your bank and see about going through the process of loan modification. But, keep in mind that your bank has their best interest at heart. They neither have the time nor the inclination to hear about what troubles you might be experiencing.
What usually ends up happening, is that the bank will negotiate an agreement that helps them but still leaves you with only a temporary solution. This also takes many hours of communication and back and forth information exchanges in order to accomplish. It is not easy to complete on your own and the outcome may not be favorable to you.
When you contact the bank they will ask for a "hardship letter" from you. When they receive that letter, they will usually tell you that they will get back to you in about 8 weeks. By the time you get back with them, or if you are lucky enough to get a call from them, you're already in worse shape than when you first started negotiation.
