21
Apr
Should Sacramento home owners skip payments to get a loan modification?
Author: Alex Amaro / Category: Loan Modification, Mortgage.
Much of the feedback lately is that only those home owners behind on payments can get assistance from their lender. However, banks are now stating, even if subtly, that going behind on payments may not be a prerequisite for getting a loan modification. Take for instance the two statments taken from these lenders websites.
- “If you are current on your mortgage, but have had (or are facing) a change in personal circumstances, such as an uncontrollable reduction in income or increase in payment that will create a financial hardship, and feel you are at risk of losing your home, your next step will be to determine if you may qualify for loan modification.” - Chase
- “If you think you might fall behind on your payments or have already missed a payment, our specialists will work with you to determine your eligibility for one or more of these potential solutions: refinancing, extending the term of the loan, interest rate reductions, temporarily freezing monthly mortgage payments, extended repayment schedules (or) decreasing the principal balance of the loan.” -Countrywide
The point is simple. If you can make your payment…make it. If you cannot make the payment, or feel you will not be able to in the future, then contact your loan servicer as soon as possible.