When it comes to getting a mortgage modification agreed by the bank, many people will find that they are rejected, especially when they have been paying their mortgage payments on time. So what are the reasons for this rejection?
Well, investors, banks and lenders only offer people a mortgage so they can make money. Unfortunately, they are a business which is why they will not concern themselves with anything else other than making money. It may sound harsh but as with any business out there today they are only still in business because they make money. It’s not until you understand the reality of this that you will be able to see why you may or may not get a mortgage modification.
Now if the bank sees you as a risk of defaulting then you will not get a modified loan, even if you have been making repayments on time, and have been since you first received the mortgage, then there is a slim chance to none. Unfortunately, wanting a lower payment or you don’t want to have less of an income due to over spending, will not be a compelling enough reason for the lender to agree to a modification mortgage.
Although this may be unfair, this is the reality of it so using a loan modification company is one avenue you should seriously consider. They have the expert skills and knowledge to make that impossible goal a reality.
Avoid Foreclosure and get a loan modification with lower payments.
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