Getting a Loan Modification

A loan modification is not offered to people who are having problems in keeping up with their mortgage repayments. So if you think this is what you require then you will need to speak to your bank directly. Talk to your lender about your different options and see what they suggest you do.

Speak to your Bank

Do not be afraid to tell them about your financial situation. Explain things to them and be honest with them, otherwise they may not be able to help you. There is no shame in getting behind with your mortgage payments, it happens to people when they least expect it. But to make sure that you are different, speak to your bank before it gets too late, and help stop an eventual foreclosure on your home.

Although there is the option of a loan modification, you need to make sure that firstly this is what you want and secondly you need to make sure that you get the right one for you.

If you don’t ask you don’t get

To get a loan modification you generally have to ask. Call your lender and let them know about your financial situation. Just be honest and explain whether or not you’ll be able to make your payments. Ask what options are available to you. If they see things the same way you do, you may qualify for a loan modification.

If your bank does agree to the modification then the next step is to decide whether the changes to your loan agreement are permanent of just temporary.

Avoid Foreclosure and get a loan modification with lower payments.

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