Posted on
March 4, 2009
at
11:06 pm
Did you know you're allowed to request a loan modification from your lender if your repayments are more than 90 days delinquent? Your lender can choose to modify the conditions of your mortgage to either reduce your interest charges or to lower your repayment amounts in an effort to help you get through your financial difficulties and get your repayments back on track. Once your bank or lender has agreed to a loan modification, they know you're working to get your accounts back in order, so they'll avoid beginning foreclosure proceedings while you're keeping up with your new reduced repayments.
Posted on
March 6, 2009
at
10:59 am
Raven, You are absolutely correct when you say your lender can choose to modify the conditions of your loan. However, most lenders in the U.S. have elected not to modify but foreclose instead. How do I know? I have worked with many clients attempting to do modifications and all the lenders said the same thing - no thanks, we'll just continue to foreclose. Tom
Posted on
March 8, 2009
at
8:14 pm
If the foreclosure process has already begun, then yes, it is too late to apply for modification. Of course the bank will proceed. But... it is very possible to apply for a loan modification and have it approved if the foreclosure process hasn't been started yet.
Posted on
March 11, 2009
at
6:01 am
I received my loan through Country Wide Real Estate. I was two months late on my mortgage payments. I called and they absolutely refused to discuss my loan with me. I don't know what their thinking was, but they wouldn't even allow me to make a partial payment. This was before forclosure procedures were started. I might have been able to refinance, but I believe one of the problems with Country Wide and their downfall is their refusal to work with their clients.
Posted on
March 16, 2009
at
10:36 pm
I am part of a small loan modification company that finds distressed individuals like yourself and tries to help them re-finance their mortgage, even if you are behind in payments. Contact me at loanmodifications4you@gmail.com This is NOT a solicitation; we are trying to help any and all people with getting out of difficult financial situations, and if this is not right for you, best of luck in the futureRegards,Cory Cohen
