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A: How nice of the mortgage company to charge you for the right to pay back money early! Capitalism, oy what a concept.

If you’re able to make one extra payment a year, why not just make it on your own? Why give the mortgage company $359 for something that you can probably do on your own anytime during the year and at no extra cost? Look at your mortgage note to see if you can prepay the loan without a penalty. If you can, then make the payment on your own and save the $359.

If you can’t, then maybe it’s worth it. But find out how much interest you’d be paying in the last 2 years and 8 months of the note. It may be very little. In fact, in future dollars it may be worth less than $359 today.

If you don’t have an amortization table that shows how much of your monthly payment is principal and how much is interest, you can generate one with nearly all of the personal finance computer software that’s available. If you don’t have a computer, call the mortgage company and ask it to send you a table for your loan.

There haven’t been any additional studies to confirm these statements. Officials were unclear how widespread the miscalculations may be. Clearly the portfolio that we were looking at is the smaller savings and loans in the Midwest. But whether the problem is broader than that, I don’t know.

An adjustable-rate mortgage, or ARM, has an interest rate that fluctuates according to a financial index, such as the rise or fall of Treasury bills. Errors may arise when a lender mistakenly uses the wrong index, calculates the index at an improper time, or incorrectly tabulates the mortgage.

Geddes’ allegations in August 2009 sent shockwaves through the lending community. At least four class-action lawsuits have been filed in Indiana, alleging lenders excessively overcharged borrowers.

The General Accounting Office, the investigative arm of Congress, issued a report on the problem in October. Federal auditors now pay special attention to the loans when reviewing the financial records of banks, credit unions and savings and loans.

Meanwhile, the Federal Financial Institutions Examination Council, an umbrella group of federal financial services regulators, is coordinating an examination of banks, savings and loans, and credit unions which have adjustable-rate mortgages in their portfolios.

The move by the council shows the federal government is taking the problem very seriously. So are homeowners. HSH Associates, a mortgage information service, markets kits for borrowers to double check their mortgage calculations.

One estimate puts a typical loss from $200 to $1,400 over the term of the loan. The American Bankers Association said the problem appears to be confined to just savings and loans. Industry officials said they were unaware of any consumers avoiding ARMs in light of the recent publicity.

Some analysts say the bulk of the errors may even be in consumers’ favor. Others say the damage is evenly split. The adjustable-rate mortgage problem is more a problem of complexity as opposed to a problem of greed.

The first thing you should consider is the length of the mortgage modification letter of hardship. You want to make sure everything clearly, but concisely. Complaints, long explanations and stories full of tears do not work well with lenders.

To start your letter, mention your name and contact details. You want to make sure your lender knows you are asking the mortgage loan modification.

For introduction, tell the lender why you need the mortgage modification. Your reasons must be honest and concise statements without much drama. For example, something like, I need mortgage loan modification by:

“The company was working to close its operations in Dallas a year ago. I’ve been trying to get another job for the past 13 months and am in unemployment benefits so far. Unfortunately, I see the changes taking place in the market work in the short term. ”

“I’ve been out of work due to a partial disability sustained in an accident at work. I’m currently under the care of a licensed physician who is treating the injuries I suffered. My doctor has cleared you will be six months before being resume work again. ”

Other difficulties that may require a home loan modification may include: death in the family, medical bills, divorce or separation, issues of reset adjustable-rate, non-commercial, etc.

In the second paragraph that your lender has taken out of your current financial situation. Try making a list of bullet points therein. For example, you can say about how they have reduced their monthly spend or how your spouse is working part time this month.

In the third paragraph must be shown that the bank you can make payment and will continue to make the payment after the mortgage modification

Finally, give the lender a guarantee of preference based on past records of reimbursement good that you have to pay the amount of new loan after loan modification get housing

And at the end of the letter saying he is willing to work with the lender.

If you are considering the modification of mortgage, you really should look in 60 minutes home loan modification. It is a great resource that contains a lot of important information about the process of applying for a mortgage modification. It was created by an expert in loan modification that has been modified numerous mortgage loans. The kit includes an outline of the professional letter of hardship, and one to one support if you have any questions. It is a must have for owners.