Loan Modification- FAQ from the Homeoners.
Tina Blog
- Posted:
4/5/2009
Q. What can a loan modification do for us? A. The goal of a loan modification is to work out an agreement between the homeowner and the lender to make the monthly payments affordable and to keep the homeowners in their home. Lenders are most likely to respond favorably to modification request when there are violations of State or Federal regulations discovered in your loan package, or current service violatons. The last thing they want is a law suit. If there are enough violations in your documents, or service history, the lender will have little choice but to modify your loan or face litigation.
Q. What if there are no violations found in my paperwork? Can I still get a loan modification? A. Generally sspeaking, Yes. If you are experiencing a hardship now and making your mortgage is becoming a problem, you should still consider how a loan modification will benefit you. If your loan is going to adjust soon and that, even by itself causes a hardship, it is still worth getting it done. The lenders know that if they do not work with you to keep your loan affordable, they stand a good chance of having to foreclose. Your lender would rather work out a loan modification than a foreclosure action
Tina Huynh
email:
tina_huynh49@yahoo.com
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