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"The median monthly payment reduction for borrowers enrolled in
the (HAMP) program is $522" - DSnews.com
Should I Try and Get a Loan Modification
This is a question many people are asking themselves right now. Some people are a couple months behind on their mortgage and are wondering if there are any options out there that can save them. Others are worried that if they lose even a little bit more income or something bad happens, they will fall behind. Should they be taking preventative measures because things are so tight? Should they go late on their mortgage to see if their lender will give them a loan modification? Others are in loans that scare them. They are worried that the loan could adjust in a way which would make them unable to afford the payments. They know they can’t qualify for a refinance but maybe they should try and get a loan modification? Others are simply so upset at how far upside down the housing market has turned that they want to try anything to get a principal reduction and get their loan closer to what the house is worth. So what is the answer for all of these people?The fast answer is that there is no one correct answer. Every situation is different and every borrower must analyze their situation independently. However, there are many cases in which attempting a loan modification will not help you. If you are one of those people who wants a loan modification but doesn’t need a loan modification then trying a mod probably doesn’t make sense. If you can easily afford your mortgage but don’t like the terms of it or if you can easily afford it but you simply don’t like that you are upside down, then getting a modification you like will be difficult. If you are just getting by but you are current, it will still be difficult but it is possible. If you are 1 or 2 months behind and you have suffered a hardship but you still make decent money then you should look at a modification.
The most important thing in any circumstance is that you talk to your lender. It is always important to have an open line of communication with your lender regardless of the situation.
Good luck!
MAC