When you are in a period of extreme financial difficulty, it may be best for you to look into a possible loan modification procedure.
While it is not initially easy to be approved for a loan modification procedure, it may be in your best interests to try to at least obtain some information from your bank. Many banks are more than willing to work with you and your financial needs, especially since they want to ensure that you will continue to make your scheduled monthly payments on your loan.
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The first step in the loan modification procedure is approval. In order to be approved for a loan modification, you have to prove that you are currently experiencing a period of extreme financial difficulty. Possible reasons for financial difficulty may include:
Accidental Injury
Unexpected Medical Expenses
Unemployment, Company Lay-Off
Death of family member
General Financial hardship
No matter what the reason is for your financial situation, it is very important that you document your financial problems with paperwork. If necessary, bring copies of your payment receipts, medical receipts, written documentation of your financial situation, bank statements, etc. These documents will aid you greatly in proving to your bank that you are currently unable to make your scheduled monthly payments.
Once the bank has approved your request for a loan modification, there is a period where they may communicate with you on acceptable terms for the modification of your loan. It's very important that you thoroughly examine any changes that your bank may make to your loan, as it is sometimes common for the negotiated payment amount to be higher than the initial amount.
This may be an attempt from the bank for you to pay off your balance sooner, since you are now regarded as "high-risk" because of your financial situation. It's very important to let your bank know exactly what you can afford each month, as this will ensure that a beneficial decision is reached for both you and your bank.
In some cases, you may have an existing loan with a company that does not offer loan modification procedures. If this is the case, you may have to either prioritize your other finances around this loan payment, or let the company know that you are no longer able to make the payments. Since most companies prefer to receive their money without the aid of collection agencies, this may help them to negotiate a decision to work with you and your finances.
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