If asked, does the bank ever consider decreasing the mortgage payments if a person is facing a financial hardship?
Absolutely. In most situations a bank will consider lowering the monthly mortgage payments due to a drastic change in finances. However, there are steps you will need to take in order to have your bank consider you for a home loan modification. You will need to have a legitimate reason for the financial hardship. Among some of the hardships that are considered to be acceptable are loss of employment, cut back in income from job, divorce, separation, fire or other natural causes, medical expenses, military duty, death of a spouse or someone else on the mortgage.
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