| Many people have found debt relief through loan | | | | proceeding to the next step. |
| modification. Modification is a great way to get out of | | | | The next step in following guidelines for loan |
| debt, but you need to follow guidelines for loan | | | | modification is to write a letter to your lender. In the |
| modification if you want it to go well. These guidelines | | | | letter, tell them about your situation. Don't go into details, |
| are set up by your lender, and will make the process | | | | but let them know if you've fallen behind on your |
| much easier. If you're deep into debt, you will most | | | | payments, or if your salary is too low. Let them know |
| likely be eligible for modification. | | | | that you still want to pay off your debts, but you can't |
| The guidelines for loan modification can be slightly | | | | right now because of financial difficulties. Once they |
| different depending on your lender, but there are a | | | | get the letter, they will decide if they're going to |
| few things you can keep in mind. For most forms of | | | | approve or not. In most cases, they will be more than |
| modification, you will have to fall behind on your | | | | happy to work with you, because they don't want to |
| payments before you can be eligible. One exception to | | | | lose the money they lent to you. |
| this is if you're currently paying more for your loans | | | | If you've followed the guidelines set by your lender, you |
| than your salary pays you monthly, you can get a | | | | should have no problems getting a loan modification. |
| modification. These are the main requirements, and if | | | | Apply sooner rather than later, though, or it might be |
| you meet either of them, you should be comfortable | | | | too late. |