You’re paying your mortgage every month and you have yet to receive a harassing phone call. Why then, should you consult a loan modification specialist about options?
You have an impending rate hike on your ARM
You may not be feeling the trouble yet, but you could. If your adjustable rate mortgage is scheduled to reset, it could be at a higher interest rate that makes your home unaffordable with the current mortgage. It’s wise to prepare for this and have options ready if it gets to a point where you can’t afford the loan payment.
You’ve tried to refinance and can’t
A lot of homeowners in this market are finding that lenders aren’t willing to approve a refinance of their current loan. The result is you are stuck with a loan that you either can’t afford or won’t be able to in the near future if an ARM resets to a higher rate. Loan modification is a strong alternative to refinancing that allows you to change the terms of the existing loan without having to refinance
You’re just barely getting by
Perhaps you’re managing to pay the mortgage, but are having to skip other bill payments. Your mortgage could potentially be modified to give you relief and allow you to get back on track.
The best way to approach a loan modification is to get started on the process early. You should have a conversation with a specialist that can advise you what course of action to take. The people that have the easiest time getting help are the ones being proactive.
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