Tips for Help With Your Home Loan Modification

Paul Solman answers questions from NewsHour viewers and web users on business and economic news most days on his Making Sen$e page. Here’s Thursday’s query:

Name: Ben Roman

Question: I am having a problem with trying to get a modification loan for my home which may soon be going into foreclosure. Where and to whom should I go to ask for assistance?

Paul Solman: For starters, you might try CHANGER– the Communities Homeowners and Neighbors Gaining Economic Rights group. Or NACA, the Neighborhood Assistance Corporation of America.

You might also try the bank that’s servicing your mortgage. The key here is being persistent, patient (in the face of considerable frustration, most probably), and persuasive.

See Harvard Law professor Bob Mnookin’s tips for successful negotiations in a recent story of ours.

Mnoonkin also answered audience questions about just how to put those negotiation tips into practice.

This entry is cross-posted on the Making Sen$e page, where correspondent Paul Solman answers your economic and business questions _Follow Paul on Twitter._