Can you get a loan modification if you are behind on payments?

In some cases, lenders will lower the principal balance of your mortgage. If you are behind in your mortgage payments, you should contact your lender and ask if you qualify for a loan modification. If you previously received a loan modification and your financial position changed, you should reapply to see if you qualify for a new modification.

What to do if you are behind on your mortgage repayments?

If you’re behind on your home loan repayments and want to refinance, immediately consult a specialist lender or a mortgage broker. At Home Loan Experts, we have access to a panel of specialist lenders who can help with your circumstances. We know the right lenders who can approve a home loan or debt consolidation.

Can a mortgage servicer make a wrong loan modification?

Mortgage servicers handle loan modification applications from homeowners. Unfortunately, servicers sometimes make serious errors when processing modification requests. These mistakes can cause many problems for a homeowner, like missing out on getting the loan modified or even a wrongful foreclosure.

When to apply for a refinance or loan modification?

You might want to refinance your loan if you’re having trouble making your mortgage payments or if you want to take advantage of a lower interest rate. However, you may also want to apply for a loan modification from your lender. Refinances and loan modifications both have their own benefits and drawbacks.

Can you get a mortgage modification if you are behind on payments?

Many homeowners have fallen behind on their mortgage and could soon be on the path to foreclosure without permanent help. If this sounds like your situation, you may be eligible to modify your mortgage.

How can I modify my mortgage to avoid foreclosure?

Modifying your mortgage can help you avoid foreclosure by—either temporarily or permanently—adjusting the length of your loan, switching from an adjustable-rate to a fixed-rate mortgage, lowering the interest rate or all of the above. Unlike mortgage refinancing, loan modifications don’t replace your existing mortgage with a new one.

What to do if your loan modification is denied?

If your loan modification application is denied, usually, you have the right to appeal it. Because rules vary by lender, find out when the appeal deadline is. Next, you’ll want to get precise information on why your loan was denied, as this will help you prepare a better case in your appeals.