Loan Modification Programs, The Truth About, mortgage modification program.#Mortgage #modification #program


Loan Modification Programs

Since the mortgage crisis took flight, “loan modification programs” have become all the rage. Instead of originating new loans, former mortgage brokers and loan officers are shifting focus to reworking outstanding loans that have fallen behind in payments or are in danger of doing so. Ironically, many are getting paid to reverse the damage they caused to begin with.

In the past couple years, millions of borrowers have fallen behind on their monthly mortgage payments, creating an unprecedented foreclosure epidemic. And because home prices are falling, many are seeing their home equity sucked dry or even worse, finding themselves underwater on their mortgages.

This environment has forced banks and mortgage lenders to begin modifying loans in an effort to recoup losses and prevent foreclosures, which puts even more downward pressure on home prices. Things have become so dire that a number of banks have initiated their own streamlined loan modification programs to complement their standard loss mitigation efforts.

There are also foreclosure prevention coalitions, such as Hope Now, which provide free assistance to struggling homeowners through a streamlined process using existing loss mitigation tools.

So now that we have a little background, let’s take a look at some of the most common loan modification options available to at-risk borrowers.

A repayment plan is one the most simple and typically most common loan workout options available to borrowers in arrears (behind on payments). It’s not really considered a loan modification, because the terms of the loan are essentially unchanged. Basically, the bank or lender will agree to take your delinquent payments and add them to your current monthly payments until you become current again. So if you owe say $4,000 in arrearage, they may add $500 to your monthly payment for eight months until you’re back on track.

Critics have panned repayment plans because they fail to address the affordability issues tied to delinquent loans. Because the debt is simply redistributed, borrowers who can’t afford the terms of their loan will likely re-default within months of receiving a repayment plan, especially as the monthly payment increases as a result.

A more favorable loan modification is one that involves an interest rate reduction, so the monthly payment is actually made more affordable. In this case, the loan will be re-underwritten to determine what size of payment you would qualify for at a given debt-to-income ratio, generally around 38 percent.

The interest rate may be temporarily lowered, for a period of say five years, and then steadily increase, to the market rate at the time of modification, or it could be fixed for life. This is clearly a favorable option, as it cuts the borrower’s monthly payments for good.

Another relatively easy ways for banks and lenders to increase affordability and reduce monthly mortgage payments is to extend the amortization of the loan. Instead of a standard 30-year amortization period, the loan may be stretched another 10 years, pushing payments to a more acceptable level for the borrower.

While banks and lenders aren’t generally keen to offer principal reductions, it’s becoming increasingly common as desperation grows. Since so many borrowers are underwater, banks have little choice but to reduce the balance of the existing mortgage to put the borrower in a positive equity position. However, there are strings attached. In exchange for a principal reduction, some banks want a piece of the future appreciation, assuming there is any. This has created a huge hurdle, as no one can agree on what’s fair.

This method, which is only available for FHA loans, creates an interest-free second mortgage that contains up to 12 months of accrued mortgage payments. It brings your account up to date immediately, and must be paid off when the first mortgage is paid off or the property sold.

Fannie Mae HomeSaver Advance

HomeSaver Advance is an unsecured personal loan, used to cure delinquency on the first mortgage. It’s a 15-year fixed-rate loan at five percent with no interest accrual or payments for the initial six months. The loan amount can be as much as $15,000, or 15 percent of the unpaid principal balance. Proceeds are applied to delinquent payments, interest, taxes, insurance, escrow advances or foreclosure/bankruptcy-related fees. No cash received in-hand.

Keep in mind that banks, lenders, and housing counseling agencies may use any combination of the above approaches to get monthly mortgage payments to acceptable levels. For instance, it may take both extended amortization and a reduced interest rate to qualify a distressed borrower, or even principal reductions.

Also understand that some borrowers may be beyond help, as some loans underwritten over the past few years were riddled with fraud and should have never been extended to the borrowers to begin with, so foreclosure is inevitable for many. Keep your eyes and ears open, as new loan modification programs are popping up all the time. Make sure you contact your loan servicer or lender immediately if you need assistance.

One final note watch out for loan modification scams, which seem to be growing in prevalence as the situation worsens. Many so-called assistance programs simply create a middleman who will charge you more fees and possibly put in you a more dire position.


Loan Modification Programs: How to Qualify and Apply, mortgage modification program.#Mortgage #modification #program


Loan Modification Programs: How to Qualify and Apply

In order to avoid foreclosure, your lender may agree to modify some or all of the terms of your loan. A loan modification is a negotiation between you and your lender. It begins by contacting your mortgage company, discussing your problem, and proposing a solution that involves modifying the loan.

The purpose of a mortgage modification is to get your monthly payment to a more affordable level. An affordable mortgage payment is typically defined as 31% of the borrower s monthly gross income. So for example, if you earn $4,200 a month, then your loan will be modified to be 31% of your income, or $1,302 per month in this case.

The federal government and the Department of Housing and Urban Development (HUD) have created and recently updated several loan modification programs for a person s primary residence.

Home Affordable Modification Plan (HAMP)

The Obama Administration introduced HAMP as part of the Making Home Affordable plan to stabilize the housing market. Under the federal loan modification plan, your monthly loan payments are reduced by modifying one or more components of your mortgage:

  • Lower the interest rate
  • Extend the life of the loan
  • Lower the loan principle

How to Qualify

As long as you can verify a legitimate financial hardship that impacts your ability to make your loan payments, you may qualify. Contrary to popular belief, you do not need to be behind on your payments before a lender will consider doing a loan modification with you. If you are behind on your payment or facing foreclosure, applying for a loan modification places a temporary halt on the foreclosure process.

In order for your loan to qualify for modification under HAMP, the following conditions must apply:

  • You obtained your mortgage on or before January 1, 2009.
  • You owe up to $729,750 on your primary residence or single unit rental property.
  • You owe up to $934,200 on a 2-unit rental property; $1,129,250 on a 3-unit rental property; or $1,403,400 on a 4-unit rental property.
  • The property has not been condemned.
  • You have a financial hardship and are either delinquent or in danger of falling behind on your mortgage payments (non-owner occupants must be delinquent in order to qualify).
  • You have sufficient, documented income to support a modified payment.
  • You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

What if I don t qualify or have been denied?

Unfortunately not all struggling homeowners qualify for the government modification program. Credit.org, a HUD-approved housing counseling agency, has developed three programs to help homeowners who have been denied or do not qualify for this federal program:

  • VA Loan If your home mortgage is a Veterans Administration (VA) loan, then there is a specific government program called the Cal Vet Modification.
  • FHA Loan There is a loan modification program specifically for Federal Housing Administration (FHA) loans
  • None of the Above Banks who do not participate in the government programs may have their own unpublished loan modification programs with a different set of qualifications.

How to Apply for a Loan Modification 3 Simple Steps

If you are currently facing a financial hardship and want a loan modification, then know that time is of the essence. You have a greater ability to negotiate with your lender earlier on in the foreclosure process than later. Get started today:

You ll need to provide your current income and expenses.

  • Collect Your Mortgage Information

    Get a copy of your mortgage statement that has your loan number on it.

  • CALL

    If you re ready to begin negotiating for a loan modification, get some free advice before contacting your lender. Talk to a nonprofit housing consultant from a HUD-approved agency and find out how likely you are to qualify for a loan modification based on your individual mortgage and financial situation.

  • Nonprofit housing consultants from a HUD-approved agency can provide you with:

    • All available loan modification options
    • A customized action plan
    • Budget suggestions
    • Help in negotiating with your lender

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    I am writing to say how satisfied I am with Inspirecs regarding there lead quality. I have tried everything from internet leads and live transfers from other sources with out success. Inspirecs is the only source I would recommend, they are very fair on returns and the quality of the leads is very good. I would highly recommend them and plan to do more business with them. Here you defiantly get what you pay for and More.

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    I would recommend Inspirecs for all of your telemarketing/communications needs.

    One of the very few lead generation companies I have come across that really delivers on its promises. Inspirecs’s Owner has a passion for lead gen business and he runs a very tight ship Best of Luck


    Chase Loan Modification, Chase Mortgage Assistance Forms, mortgage loan modification.#Mortgage #loan #modification


    Chase Loan Modification Chase Mortgage Assistance

    When it comes to the process of Chase Loan Modification and Chase mortgage assitance , the homeowners are not alone. Chase is here with the homeowners to help them at each and every step, but for a step by step chase mortgage loan modification homeowners are advised to hire a Chase loan modification expert.

    Mortgage loan modification

    If you have already applied for the chase mortgage loan modification, then chase loan modification expert will confirm that at what stage of the process you are. You should remember that the sooner you contact a Chase mortgage loan modification expert, sooner he can let you know that which options are available to you. We are going to describe the Chase home loan modification procedure in details here:

    Chase Loan Modification Forms

    Gather Your Information: When the homeowners are ready to apply for the loan modification, then they will need to download the three main chase loan modification forms:

    Application Checklist: This checklist would be a PDF form that is very helpful list to collect all the required information that you may need for the chase loan modification.

    Chase Loan Modification Request Form: The homeowners will need to complete and sign Chase loan modification request form that provides the overall information about their financial position.

    IRS Form 4506T-EZ: IRS Form 4506T-Ez form basically allows the Chase to request a summary of homeowner s recent Internal Revenue Service tax fillings to confirm their income information. Homeowners are also required to sign this form for Chase home loan modification.

    Requirement Of Any Additional Documents:

    When your loan modification expert submits chase loan modification package, then the Chase representative will let you know if you need to complete any of the additional forms. If you have any questions about collecting and completing your documents, you can freely call to your Customer Assistance Specialist.

    Send Documents: Once you have reviewed all of your completed documents, then send a Chase loan modification package to the bank.

    They Will Review Everything and Let You Know Your Options: Once you have sent them a Chase loan modification package, then they will review everything and then your Customer Assistance Specialist will guide you about additional forms that they may still need. Within 30 days of receiving documentation, they will let you know that for which Chase mortgage assistance options , you are eligible so you can select the one that is best suits you.

    Let Chase Know Your Decision: After notification you will have 14 days to inform Chase about the best Chase mortgage assistance options that suits you.

    They Will Follow Up and Guide You through the Next Steps: After selecting the best options for you your Customer Assistance Specialist will follow up with you about the option that you have selected.

    Chase Mortgage Loan Modification Process:

    • The checklist that you download for information basically has a summary of all of the forms and documents that they need to review your application. Requirement of the additional documents depending on the situation, most importantly, you should avoid delays and make sure that everything you send them is completed and accurate.
    • Request for Mortgage Modification Form: you have to collect and send copies of your financial documents.
    • Your 2 most recent receipts with year-to-date earnings
    • If you are self-employed or an independent contractor then you have to send your most recent signed and dated quarterly or year-to-date profit and Loss Statement with company name and date; even if all statements pages are blank also send them, but, if you do not have the P and L statement you have the option to use the sample form.
    • If you receive a Social security, disability or death benefits, pension, public assistance or unemployment income, then send them your benefits statement; proof of monthly insurance benefits or government assistance from the provider with the amount, frequency and duration of the benefit and two most recent bank statements showing receipts of payment.
    • Your 2 most recent personal checking, savings, money market, mutual funds, stock and bond statements.
    • Legal documents showing the amount, frequency and duration of child support, separation maintenance income if you would like us to consider it as qualifying income AND your 2 most recent bank statements showing receipt of the payment.

    Get The Expert Chase Mortgage Assitance

    If you are looking for Chase mortgage loan modification or have already submitted your application, we can help you to process your loan modification process in a way that others can t. Our loan modification expert will work with you and utilize all the required experience, skills and tricks to get your chase loan modified. We have helped thousands of our valued clients with Chase Loan modifications and can help you as well. Don t hesitate to give us a try!


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    Purchasing a home is likely to be the biggest investments you make in your lifetime. It’s an exciting time that also comes with many challenges. Don’t let your mortgage company be one of them.

    At Home Financing Center, we pride ourselves in building a strong relationship, with you, the client. For over 25 years, we’ve been helping individuals, couples and families achieve their home ownership dreams. So whether you’re buying you’re first home, moving to a new house or condominium, or purchasing a vacation or rental property, you’ll always have a team of experienced professionals to help you every step of the way.

    As one of the largest independently owned and operated mortgage lender in South Florida, Home Financing Center is big enough to meet your mortgage needs – yet small enough to deliver friendly, personalized service.

    Working with HFC, you’ll have access to a full array of loans at highly competitive rates, including low down payment mortgages, refinancing programs, home equity lines of credit, jumbo loans and other home finance options.

    Thanks to our financial strength and stability, our partnerships with community organizations and our extensive knowledge, Home Financing Center is a growing force in the Florida market.

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  • How to Write a Hardship Letter for Mortgage Loan Modification, mortgage modification.#Mortgage #modification


    How to Write a Hardship Letter for Mortgage Loan Modification

    A hardship letter is a key factor in getting approved for a loan modification program. If you can write a polite and accurate hardship letter, you may be able to convince your lender to give you another chance to repay your loan. However, writing such a letter can be intimidating for money borrowers, as they are unsure of what exactly to write and how much of their story to include. Lawyers can usually write one of these letters for you, but at too large a cost for a borrower experiencing financial hardship to afford. Luckily, writing your own hardship letter can be a simple process if you follow the steps below.

    Steps Edit

    Part One of Three:

    Starting Your Letter Edit

    Mortgage modification

    Mortgage modification

    Mortgage modification

    Mortgage modification

    Part Two of Three:

    Explaining Your Hardship Edit

    Mortgage modification

    Mortgage modification

    Mortgage modification

    Mortgage modification

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    Part Three of Three:

    Perfecting the Letter Edit

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    Mortgage modification


    Loan Modification Programs, The Truth About, mortgage loan modification.#Mortgage #loan #modification


    Loan Modification Programs

    Since the mortgage crisis took flight, “loan modification programs” have become all the rage. Instead of originating new loans, former mortgage brokers and loan officers are shifting focus to reworking outstanding loans that have fallen behind in payments or are in danger of doing so. Ironically, many are getting paid to reverse the damage they caused to begin with.

    In the past couple years, millions of borrowers have fallen behind on their monthly mortgage payments, creating an unprecedented foreclosure epidemic. And because home prices are falling, many are seeing their home equity sucked dry or even worse, finding themselves underwater on their mortgages.

    This environment has forced banks and mortgage lenders to begin modifying loans in an effort to recoup losses and prevent foreclosures, which puts even more downward pressure on home prices. Things have become so dire that a number of banks have initiated their own streamlined loan modification programs to complement their standard loss mitigation efforts.

    There are also foreclosure prevention coalitions, such as Hope Now, which provide free assistance to struggling homeowners through a streamlined process using existing loss mitigation tools.

    So now that we have a little background, let’s take a look at some of the most common loan modification options available to at-risk borrowers.

    A repayment plan is one the most simple and typically most common loan workout options available to borrowers in arrears (behind on payments). It’s not really considered a loan modification, because the terms of the loan are essentially unchanged. Basically, the bank or lender will agree to take your delinquent payments and add them to your current monthly payments until you become current again. So if you owe say $4,000 in arrearage, they may add $500 to your monthly payment for eight months until you’re back on track.

    Critics have panned repayment plans because they fail to address the affordability issues tied to delinquent loans. Because the debt is simply redistributed, borrowers who can’t afford the terms of their loan will likely re-default within months of receiving a repayment plan, especially as the monthly payment increases as a result.

    A more favorable loan modification is one that involves an interest rate reduction, so the monthly payment is actually made more affordable. In this case, the loan will be re-underwritten to determine what size of payment you would qualify for at a given debt-to-income ratio, generally around 38 percent.

    The interest rate may be temporarily lowered, for a period of say five years, and then steadily increase, to the market rate at the time of modification, or it could be fixed for life. This is clearly a favorable option, as it cuts the borrower’s monthly payments for good.

    Another relatively easy ways for banks and lenders to increase affordability and reduce monthly mortgage payments is to extend the amortization of the loan. Instead of a standard 30-year amortization period, the loan may be stretched another 10 years, pushing payments to a more acceptable level for the borrower.

    While banks and lenders aren’t generally keen to offer principal reductions, it’s becoming increasingly common as desperation grows. Since so many borrowers are underwater, banks have little choice but to reduce the balance of the existing mortgage to put the borrower in a positive equity position. However, there are strings attached. In exchange for a principal reduction, some banks want a piece of the future appreciation, assuming there is any. This has created a huge hurdle, as no one can agree on what’s fair.

    This method, which is only available for FHA loans, creates an interest-free second mortgage that contains up to 12 months of accrued mortgage payments. It brings your account up to date immediately, and must be paid off when the first mortgage is paid off or the property sold.

    Fannie Mae HomeSaver Advance

    HomeSaver Advance is an unsecured personal loan, used to cure delinquency on the first mortgage. It’s a 15-year fixed-rate loan at five percent with no interest accrual or payments for the initial six months. The loan amount can be as much as $15,000, or 15 percent of the unpaid principal balance. Proceeds are applied to delinquent payments, interest, taxes, insurance, escrow advances or foreclosure/bankruptcy-related fees. No cash received in-hand.

    Keep in mind that banks, lenders, and housing counseling agencies may use any combination of the above approaches to get monthly mortgage payments to acceptable levels. For instance, it may take both extended amortization and a reduced interest rate to qualify a distressed borrower, or even principal reductions.

    Also understand that some borrowers may be beyond help, as some loans underwritten over the past few years were riddled with fraud and should have never been extended to the borrowers to begin with, so foreclosure is inevitable for many. Keep your eyes and ears open, as new loan modification programs are popping up all the time. Make sure you contact your loan servicer or lender immediately if you need assistance.

    One final note watch out for loan modification scams, which seem to be growing in prevalence as the situation worsens. Many so-called assistance programs simply create a middleman who will charge you more fees and possibly put in you a more dire position.


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    Mortgage loan modification

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    Mortgage loan modification

    Our team is our greatest asset and the major differentiator. We are passionate about results, and also believe in having a lot of fun along the way. We are passionate about delivering results to our clients.

    Mortgage loan modification

    We are a globally trusted brand in the Lead generation market. Partnering with us will give you a direct access to extensive networks in important global markets, and expertise in Live and data leads.

    Type of Leads

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    Mortgage loan modification

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    Mortgage loan modification

    Inspirecs offshore software development services are intended to serve businesses

    Mortgage loan modification

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    Search Engine Optimization, popularly known as SEO, is a set of methods

    Why US

    Inspirecs.com is in the business of Double Verified Live Lead Generation for Reverse Mortgage Live Transfers, Debt Settlement Companies, Debt Consolidation Companies, Mortgage Live Transfers Loan Modification Companies, Loss Mitigation Companies, Business Cash Advance Companies, Auto Warranty Live Transfers, Tax Debt Settlement Live Transfers, Bankruptcy Live Transfers, Home Security Live Transfers, Credit Repair Live Transfers, Banks and several other conglomerates who feel the need of telemarketing throughout the United States. With more than 10 years experience in Live Transfer Generation, our founders bring a unique, proprietary process to the industry.

    Mortgage loan modification

    / Testimonials

    Excellent, professional work – more than happy to do future business with Inspire Center Solution.

    I have found a lead source that is great. A little pricey but they are Double Verified live transfers, and well worth it. I have about 20 leads that I am sitting on that I have priced, and filled out 10 1003’s and counting. Company is very professional and definitely earned my business. I would recommend you to this great lead company. I am using a company called InspireCS. They proved to be a very good company. You can find out more by going to their website at www.inspirecs.com

    I am writing to say how satisfied I am with Inspirecs regarding there lead quality. I have tried everything from internet leads and live transfers from other sources with out success. Inspirecs is the only source I would recommend, they are very fair on returns and the quality of the leads is very good. I would highly recommend them and plan to do more business with them. Here you defiantly get what you pay for and More.

    Hello Alex, I love the leads, but my only concern is I want to be able to offer my clients good customer service, in order for me to do that, I would only like 5 leads each a day if possible.

    I would recommend Inspirecs for all of your telemarketing/communications needs.

    One of the very few lead generation companies I have come across that really delivers on its promises. Inspirecs’s Owner has a passion for lead gen business and he runs a very tight ship Best of Luck


    Loan Modification Programs: How to Qualify and Apply, mortgage modification.#Mortgage #modification


    Loan Modification Programs: How to Qualify and Apply

    In order to avoid foreclosure, your lender may agree to modify some or all of the terms of your loan. A loan modification is a negotiation between you and your lender. It begins by contacting your mortgage company, discussing your problem, and proposing a solution that involves modifying the loan.

    The purpose of a mortgage modification is to get your monthly payment to a more affordable level. An affordable mortgage payment is typically defined as 31% of the borrower s monthly gross income. So for example, if you earn $4,200 a month, then your loan will be modified to be 31% of your income, or $1,302 per month in this case.

    The federal government and the Department of Housing and Urban Development (HUD) have created and recently updated several loan modification programs for a person s primary residence.

    Home Affordable Modification Plan (HAMP)

    The Obama Administration introduced HAMP as part of the Making Home Affordable plan to stabilize the housing market. Under the federal loan modification plan, your monthly loan payments are reduced by modifying one or more components of your mortgage:

    • Lower the interest rate
    • Extend the life of the loan
    • Lower the loan principle

    How to Qualify

    As long as you can verify a legitimate financial hardship that impacts your ability to make your loan payments, you may qualify. Contrary to popular belief, you do not need to be behind on your payments before a lender will consider doing a loan modification with you. If you are behind on your payment or facing foreclosure, applying for a loan modification places a temporary halt on the foreclosure process.

    In order for your loan to qualify for modification under HAMP, the following conditions must apply:

    • You obtained your mortgage on or before January 1, 2009.
    • You owe up to $729,750 on your primary residence or single unit rental property.
    • You owe up to $934,200 on a 2-unit rental property; $1,129,250 on a 3-unit rental property; or $1,403,400 on a 4-unit rental property.
    • The property has not been condemned.
    • You have a financial hardship and are either delinquent or in danger of falling behind on your mortgage payments (non-owner occupants must be delinquent in order to qualify).
    • You have sufficient, documented income to support a modified payment.
    • You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

    What if I don t qualify or have been denied?

    Unfortunately not all struggling homeowners qualify for the government modification program. Credit.org, a HUD-approved housing counseling agency, has developed three programs to help homeowners who have been denied or do not qualify for this federal program:

    • VA Loan If your home mortgage is a Veterans Administration (VA) loan, then there is a specific government program called the Cal Vet Modification.
    • FHA Loan There is a loan modification program specifically for Federal Housing Administration (FHA) loans
    • None of the Above Banks who do not participate in the government programs may have their own unpublished loan modification programs with a different set of qualifications.

    How to Apply for a Loan Modification 3 Simple Steps

    If you are currently facing a financial hardship and want a loan modification, then know that time is of the essence. You have a greater ability to negotiate with your lender earlier on in the foreclosure process than later. Get started today:

    You ll need to provide your current income and expenses.

  • Collect Your Mortgage Information

    Get a copy of your mortgage statement that has your loan number on it.

  • CALL

    If you re ready to begin negotiating for a loan modification, get some free advice before contacting your lender. Talk to a nonprofit housing consultant from a HUD-approved agency and find out how likely you are to qualify for a loan modification based on your individual mortgage and financial situation.

  • Nonprofit housing consultants from a HUD-approved agency can provide you with:

    • All available loan modification options
    • A customized action plan
    • Budget suggestions
    • Help in negotiating with your lender

    Should I stop paying my mortgage so I qualify for a loan modification, mortgage modification.#Mortgage


    Should I stop paying my mortgage so I qualify for a loan modification?

    Question

    Right now I can afford my monthly mortgage payments on my home, but I probably won t be able to in the near future. I read on the Internet that I should stop making payments on my loan so I could qualify for a loan modification. Is this right? Do I really need to stop paying my mortgage in order to get a modification?

    Answer

    No, you don t! That is outdated advice that, if followed, can lead to some very serious negative consequences. (This is covered in more detail below.)

    Back in the day it was common for mortgage servicers to recommend that you fall behind in payments even if you could afford to make them if you wanted to get a mortgage modification. While it s true that in the past lenders would only consider giving homeowners a mortgage modification if they were in default on their loan, this is no longer the case. Now, you can be current on your mortgage payments and still qualify for the vast majority of modification programs.

    What is a Mortgage Modification?

    A modification is a permanent restructuring of the mortgage where one or more of the terms of the loan are changed so that the payments become more affordable. For example, the lender may agree to reduce the interest rate or extend the repayment term to achieve this goal. (Learn more in Nolo s article What’s the difference between a loan modification, forbearance agreement, and repayment plan?)

    Getting a Mortgage Modification While You re Current on Payments

    Most modification programs only require that you show you are in danger of falling behind in payments, but you don t have to actually go into default, in order to qualify.

    What You ll Need to Show to Get a Modification

    To be eligible for a mortgage modification if you’re up to date on payments, you ll typically need to show that:

    • the home is your primary residence
    • you’ve gone through a financial hardship (for example, you had to take a lower paying job or you went through a divorce), and
    • that you have enough steady income to make payments under a modification. (Learn more general information about loan modifications in Nolo s Alternatives to Foreclosure area.)

    Downsides to Deliberately Falling Behind on Mortgage Payments

    If you deliberately default on your mortgage payments, there will be several negative consequences for you.

    Your credit score will drop. After you miss a payment or multiple payments, your credit score will drop. Once your score falls, it can be difficult to refinance your mortgage, obtain a car loan, or get new credit cards. Even if you subsequently complete a mortgage modification, this will not change previous adverse reporting. (Learn more about credit scores in Nolo s Credit Reports Credit Scores area.)

    Past-due amounts add up fast. If you start skipping payments just to try to get a mortgage modification, keep in mind you’ll still owe the amounts you don t pay, plus interest and fees. This can add up quickly. Once you fall behind, the lender can charge late fees, inspection fees, and various other charges associated with the delinquency. (Learn more about the fees your lender can charge if you fall behind in payments.)

    The more payments you miss, the more fees and interest will accrue. This can make it significantly harder to catch up on your payments if the lender denies your modification request. Ultimately, it could even lead to a foreclosure.

    Contact Your Mortgage Servicer

    In general, you should contact your servicer as soon as you think you may be in danger of missing a payment if you want to apply for a modification of your home mortgage. But if you can afford to continue making your monthly payments, you should continue doing so. In all likelihood, you will be eligible for a mortgage modification even if you’re current, so long as you meet all other qualifications and submit all of the required paperwork. (Learn more about how to apply for a modification in Nolo s article How to Get a Mortgage Loan Modification.)

    If you need help applying for a modification or have further questions about the process, consider contacting a HUD-approved housing counselor.