How Do You Get A Home Loan Modification?
If you can’t make payments on your home loan because of some hardship, your lender is willing to work with you at no cost to modify your loan so that you’ll be able to cover the payments without going into default or foreclosure. They much prefer modifying loans over taking properties back due to defaulted loans. Figure out how much you’re paying per month on your home loan. This will include your principal, interest, taxes, insurance (those four are sometimes abbreviated as PITI), and any homeowners’ association fees you may have to cover. Figure out what you can reasonably pay per month. This should be a hard number–$1200 for instance–and it should be something that you will be able to pay for the foreseeable future. Call your lender. Their contact number should be on your monthly bills; alternatively, you can find it on the internet. Remember your lender WANTS to work with you to help you keep your home, so don’t be afraid to call. Work your way through the electronic options. Pre
