Is it really possible to get a loan modification without missing payments?

Question

Like many, my income has gone down in the past two years and I am having much trouble meeting my mortgage which has been higher than I can afford due to increased escrow costs, etc. I've contacted my lender about a modification but am getting the same runaround I get when I try to refi. Just doesn't seem like the greedy bank will do anything unless you miss many payments thereby making them believe they'll have to foreclose. Right now, they are asking for income/expense information but are not being specific about what they want. Since I'm self-employed - this makes it even more confusing. I have two mortgages and the primary is an ARM that will expire in about 5 months. Even if the rate doesn't go up on the ARM, I still can't afford the mortgage as is. Thanks so much for any help!

Answer 1

Yeah.........it is possible to get loan modification without missing payment......!



Do the following



First, you call your bank and ask to talk to the loan modification department and customer service will directly you appropriately.



If you qualify for a loan modification from the verbal interview, meaning that you have a hardship and can not make the payments, they will ask you to send in some paperwork.



You then fax in all the paperwork to the fax number that they provide to you. Make sure you call and confirm that they got the fax.



Once the modification is assigned to a negotiator, who reviews the information and makes the decision and the terms, you are close to getting an answer.



just do as or this site may provide some insight for you : http://www.iloanshop.com/loan_modification_stop_foreclosure.php



Good Luck........!

Answer 2

It is possible to get it without missing a payment, but it is very difficult. you can try to show them that you income is drastically reduced. But it wont be easy. but if you try try try it can happen.

If you call your bank, now a days, as everyone is at their throat trying to make ends meet, you can ask them to do a Loan Modification.

Loan Modification can happen in on e or two ways. They can lower interests rate at about 1% or 3% more or less. Or, they can reduce what you owe, matching the CURRENT value of your home, luckily the value of the properties has gone down.

But this is not just one call to the bank , and its done. NO, you have to call them everyday, every hour be consistent, be specific. Like if they would have been calling you as a collection, you have to do the same.

The bank will ask you to show why you need them to reduce it, like taxes, lost of job, etc.

Answer 3

thats what i keep hearing :(