If you are current and you are thinking about a loan modification then the most important thing you need to think about is whether you need a loan modification or you want a loan modification. Are that person who sees and hears about all these people getting these amazing interest rates and these great deals and you want to get a piece of the action? Can you afford your loan as it is but you are just tired of the interest rate and payment? Do you think you deserve something for free? If this is you then you probably don’t need a loan modification, you just want one. Trying to get modified may end up being a costly mistake to you, especially if you purposefully go behind on your payments to try and better your chances. Remember, the lenders have many different things set in place to ensure that you do not qualify if you can afford your payment as it is.
If you are current but you are in eminent default (meaning you about to fall behind) then you may qualify for a loan modification. The HAMP program calls from help to borrowers who are in eminent default. If you have had a hardship and have been using savings to pay your mortgage and this money is about to run out then you are in eminent default and your lender may help you.
