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A Loan Modification is Within Your Reach

Posted on October 5, 2009 by admin

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If you are facing foreclosure, you have options.  First you must dismiss the common myths about loan modifications:

The common myths are:

  • One myth is the bank does not want me to keep my home.  The bank does not earn any money if it forecloses on your home so if you are able to make the payments the lender is willing to work with you.
  • Another myth is having bad credit will keep me from qualifying for the loan modification.  Your credit does not preclude you from qualifying for a loan modification.  Your credit score does not influence your loan modification only your ability to pay and the amount of your income influences the decision to modify your loan.
  • Still yet, another myth is I am not late so I don’t qualify.  This statement was true at one time.  However, lenders are willing to renegotiate adjustable rate mortgages to keep the home from going into foreclosure due to the homeowner’s inability to pay the higher adjustable rate mortgage payment.
  • Another myth is walking away and filing bankruptcy is my only option.  Modifying your loan instead of walking away keeps the lender from filing a deficiency judgement against you. 
  • The last myth is it is too late to do a loan modification.  A loan modification can be done right up to the sheriff’s sale as long as you can prove you have the income and the ability to repay the loan.

Contact your lender today and asked for the loss and mitigation department to begin your re-negotiation of your loan.

Other Reading

In another post I answered that question What a Loan Modification .  

Next you may want to read about Loan Modification with Indy Mac Is Made Simple.  This post explains Indy Mac’s loan modification program and how you qualify for it.

Originally posted 2009-04-10 11:00:44. Republished by Blog Post Promoter

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About admin

Serena Brown is broker and owner of Taylor-Brown Real Estate. She is the author of this blog. She has also co-authored a book entitled Should I Short Sale My Home. She has authored a e-book How to Sell My Home. She will be authoring a book on real estate investing by April of 2010 and several reports. She has dual degrees in Business Administration and Electronic Engineering Technology. She prides herself on being up to date on all trends, news, and education related to real estate to include short sale, loan modification, etc. She also makes sure her clients are abreast of how these changes will affect them financial. Therefore, stay tuned for great information in 2010.
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145 Responses to A Loan Modification is Within Your Reach

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  13. home loan says:
    April 13, 2009 at 5:04 am

    Nice site! Thanks for the great post

  14. Imee says:
    April 13, 2009 at 5:38 am

    Among those myths you’ve mentioned I think the most common misconception is that banks and lenders don’t want people to keep their homes. It’s not true. However, the fake ones in a way don’t really give a damn if a person/family loses their house. I hope these fraud companies finally go six feet below so these myths won’t come about again.

    Imee’s last blog post..Biden, Vilsack Announce Affordable Housing Grants Under Obama’s Housing Plan

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  19. Barb says:
    April 14, 2009 at 6:42 am

    If I do a loan modification, which I am, they said that some people dont make any house payments during this time because the loan is in debt. It that correct?

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