7/22/2017

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Negotiate A Loan Modification With Your Bank

You're behind on your mortgage, and you want to save your home. A notice of default has been filed and time is running out. Something has to be done as soon as possible and the time to act is right now. You've been dreading this day but you know it's time to talk to someone who has the knowledge to help you.

First, you must understand that you are not alone. There are literally millions of homeowners across the country who are struggling to pay their mortgages. The mortgage meltdown has had a negative impact on the economy, the country, and the many homeowners, banks, and mortgage companies that were caught up in the greed and excesses of the time.

The Loan Modification Act, passed by Congress in 2008, was designed to give homeowners who find themselves in default, foreclosure, or facing other financial difficulties, the means to have their loans reevaluated and rewritten to make them more affordable and easier to repay.

The need for a more updated loan modification program stems from mortgage excesses over the past few years. With so many homeowners facing bankruptcy and foreclosure, certain members of Congress saw the need to shore up the home loan and housing markets.

Now it's time to use the options that have been provided to you so you can fight in a more informed way to keep your home. How you go about trying to save your home is important.

The best way to start negotiating for a modification of your home loan is by contacting a representative of your bank.

  • Because of the technical and legal ramifications and the stress that comes with negotiating with banks and mortgage companies, many people hire attorneys who are knowledgeable about the loan modification process to negotiate for them.

Your bank will look at your ability to make payments based on your income and your current debt. You must understand that if your bank makes a determination that you still can't make your payments, even if they are lowered, they will not modify your loan.

The loan modification process may be long and drawn out so if you are behind on your payments, or if you know you can't continue to make payments as they are currently structured, contact your bank, or an attorney, and start negotiating a modification of your loan as soon as possible.

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