Have you missed a mortgage payment? Are you more than 60 days late in making your monthly mortgage payment? If the answer to any on of these questions is a 'yes', a foreclosure is a real possibility and the only option to save your home is home loan modification. Not only is a mortgage modification simpler and cheaper than refinancing but also you can opt for it without worrying about your poor credit rating.
When you ask your bank for a home loan modification you are essentially telling them that you cannot meet your monthly mortgage payments. This may be due to a range of reasons that have caused a decrease in your income like divorce, death of an earning member, work related injury, chronic illness, unemployment etc. However, you are letting the bank know that you are confident that you will be able to make the payments if the amount is brought down to a more affordable figure.
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You can also tell the bank about the option that is most suitable for you; there are two ways to reduce the monthly mortgage payment:
o To reduce the interest rate
o To increase the loan term.
There are two ways to initiate the home loan modification process you could either approach your bank on your own or you could avail the services of an attorney or a company that can negotiate the terms of the mortgage modification on your behalf.
If you have already been served with a 'Notice of default' you may want to enlist the help of an attorney. On the other hand if you are finding it increasing tedious to meet your monthly mortgage payments you can approach the bank on your own to find out about your options.
When you are opting for a home loan modification it is of utmost importance to go for a realistic and affordable amount because you will have to convince the bank of your capability to make the payment once the mortgage modification has been granted. It is also essential to understand that securing a home loan modification does not stall the foreclosure proceedings automatically. You will have to contact your lending institution again to stop the foreclosure and continue with the new terms of loan after securing the mortgage modification.
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