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  • What is an acceptable Hardship situation?

    Each homeowner has a unique set of circumstances that caused them to fall behind on their home loan, but generally the lenders consider divorce/separation, loss of income, death of spouse, co borrower or family member, illness, job relocation, military service to be acceptable reasons to consider a loan modification. A compelling hardship letter included in your application is a very important part of a successful application.

  • Will a loan modification help me stop foreclosure?

    Yes, that is the goal-by working with your lender to find a loan workout solution, your loan is brought current and the foreclosure process is halted.

  • Can my missed payments be added back into my new loan modification?

    Yes, the arrears can be added to the new loan balance and spread out over the term to allow the loan to be brought current.

  • Can I do a loan modification myself or should I pay someone to represent me?

    That is entirely up to you and your comfort level with dealing with your lender, but also your current financial situation as most loan modification companies require a large up front fee. Regardless of what you decide, the first thing you should do is learn all you can about the process, your legal rights, and what it takes to get your application approved.

  • How Close To A Sale Date can I still work out something with my bank? 

    As close as 3-4 days sometimes less. The lender has the ability to stop the sale was they work something out with you.  
  • So how do I get started to modify my loan?

    Before contacting your bank's loss mitigation department or a loan mod company, do your home work and learn as much as you can about the loan modification process so you can make informed decisions.

  • Can I Modify my mortgage if I have challenged credit?

    YES the lender looks at your ability to pay and does not make Credit a factor in modifying your mortgage.  

  • Can I modify an invest Property?

    Although under the Obama plan, investment properties are not covered, you can work with your lender the same way. Remember, this is about common sense, if you can show the lender you can afford a payment that saves the home and keeps them from losing more if they foreclose, then you have a great chance of success with them. 
 
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