WHY? Simple question that can save you lot of time and heartache when it comes to doing a loan modification and trying to keep your home. Many people are going through hard times right now and many of these people want to keep their homes and I’m betting if you are reading this you are one of them.
But, my question to you is “What was the reason you need to do the loan modification?” If you saying because your payments are too high or is that because you are getting paid less or could it be you have a spouse who lost a job? Whatever the answer you need to decide what is right for you.
From my experience if you are modifying your loan so you can save money because of a job loss or other financial difficulties that haven’t been resolved. I have seen a huge failure rate in this type of loan modification. But, if you have gotten a job or have return to work and are just looking to add the payments to the end of the loan and can now afford the payments like before, I’ve only seen one of these types of loan modifications fail.
So, if you can now afford the home like you could a few months back, then I say go for it and try to get a loan modification. But, if you are in a situation that if you were brought current on your payments and you still can’t afford the home, then I suggest you re-think getting a loan modification and consider selling your home and getting something with a considerably lower payment.