How would you go about getting the loan modification process started? Simple, arm yourself with the best tools you have at your disposable and arrange a meeting with the loan officer at your bank. Be honest and explain your situation, and you will be surprised to learn that loan officers can be extremely sympatheic individuals who are willing to work out an arrangement that works well for both of you.
What exactly are the tools mentioned in the paragraph above? Have your accountant, or yourself if you can, put together a variety of spreadsheets and documents showing what you have to your name, recent income history, etc. You want the bank to understand your situation and most importantly, to believe that modifying your loan conditions will mean a secure monthly payment to them.
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