Loan modifications are permanent changes to any of the terms and conditions on your mortgage loan. It is possible to request a loan modification from your bank where they may agree to reduce your repayments. This can help to prevent a foreclosure.
Banks will happily negotiate the terms on your mortgage if they believe you have a chance of successfully catching up any past due payments. In many cases, presenting the banks with a clearly thought-out hardship letter that outlines precisely why you think a loan modification will help to get you back on track can result in bank's reducing your repayments and even help to prevent a foreclosure.
You can attempt to write a hardship letter to your bank on your own, but the bank's loss mitigators aren't always easy to get around. If you get the negotiations wrong or if your letter doesn't include a detailed plan of attack for getting your mortgage payments back on track to their satisfaction, then you risk having your request declined, which means you're no better off than you are now.
Don't make the mistake of thinking banks have your best interests at heart when they offer to negotiate and arrange loan modifications. Banks are in business to make themselves a profit. They make much more profit out of you when you catch up your past-due loan repayments and continue paying your mortgage like normal again.
By assisting you with loan modifications, they're simply trying to make sure you don't go bankrupt or into foreclosure and that you have a chance to get your financial situation back on track.
It's important that you call your bank and talk to them if you're already overdue with your repayments. Explain your financial situation and let the person on the phone know that your situation is only temporary. It's important that you don't waste time telling a tale of woe - the phone operator only cares what you plan to do to get your mortgage obligations back on track.
The person who assesses your loan modification request is more likely to help you if they feel you're thinking practically about solutions that really will put you back on the right track and get you out of trouble.
No matter how bad your current financial situation might be, there is always a solution somewhere. Loan modifications can be an excellent option for helping you put your finances back on track and avoid a foreclosure while you work on catching up your payments.
There are a lot of things you can do increase your chances of having a loan modification approved, but get those things wrong and you could lose your chance of assistance.
If you're worried about getting your loan modifications request wrong, perhaps try speaking to a professional who knows what the bank's loss mitigators want to see and can help you to submit a loan modification request that's more likely to be approved.
RogerV is CEO of Movoxo, a sales automation technology company focused on service and sales professionals such as real estate and mortgage professionals. He has also recently launched LoanModificationClub.com if you want to find out more information about loan modifications.
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