What is the objective of a loan modification for a person facing foreclosure and their mortgage company?
When you think about it, the answer is quite simple. The objective is clear – for all parties to win in the process. Foreclosure is not desirable for anyone. The purpose of a loan modification is to help each party make the best of a bad situation. What does that mean for the person facing foreclosure? They want to be able to save their home. That means they want to see their monthly payment lowered to an amount they can afford to make every month. They also desire to catch up on any amount that they are behind on their mortgage payments over time. What is the goal of a loan modification for the mortgage company? They want to see the person facing foreclosure be able to correct their situation. The company wants to see them keep their home. They have no desire to get the home through foreclosure. When that happens they have to sell it and normally more money is lost. There is a third party in every loan modification and that is the investor – the person, mutual fund, pension organizati
Related Questions
- Can the SCCO confirm that the information found in my foreclosure file proves that an illegal practice has been done by the mortgage company?
- How long does a loan modification typically take to process? May the process be expedited if I am facing foreclosure?
- My mortgage payments are late and I maybe facing foreclosure. Is the Short Sale option available to me?
