It’s not unusual to see homeowners looking to modify the terms of their Palm Beach real estate mortgage loan. Loan modification has had huge demand, leading to a backlog that has slowed down the process for some. This might be interpreted as though applying for a modification is difficult but it’s not quite as complicated as it may seem.
If you’ve become unemployed, you can still apply for a loan modification contrary to what you might think. The catch is that you must be able to provide evidence of being able to make the monthly payments at the reduced amount, usually a reduction of twenty or thirty percent. If you’re looking for a very low monthly payment, your lender may have to extend the mortgage a few years so be aware of that.
Another misconception is the timeframe available to apply for a Palm Beach real estate loan modification. Even if your home has gone into foreclosure and will be auctioned off a week from now, you can still contact your lender and request a modification. Just make sure that when this happens, your lender has canceled the sale of the home.