Here are the links to the loan modification websites of the big four banks.  To date loan modifications have not been easy to get but are certainly worth checking into.  The process will take a minimum of three months before you have an answer. If you are approved it will be on a temporary trial basis. At the end of the trial period the bank will make a determination regarding making the modification permanent.  Less than one in three are made permanent.  If a modification is granted it will be reported as a negative item  your credit report even if you make all the payments on time. A loan modification is  considered as  ‘not fulfilling the original contract’ since you are not making the full payment agreed to when you took out the loan.  It does not matter that you have the banks ‘permission’ to make a lower payment, you will still suffer a negative report to your credit.

Here is the link to the   Wells Fargo Loan Modification website

Here is the link to the Chase Loan Modification website.

Here is the link to the Bank of America Loan Modification website.

Here is the link to the CITI Bank Loan Modification website.

If a loan modification doesn’t look possible you might want to read my article on Short Sales for Sellers , it covers the five most important questions to ask when thinking about a short sale.