I have spoken to my bank and they refused to help. Is there still a solution?
Yes. Many homeowners have faced this exact situation. You would not be the first person to get nowhere with their lender only to be approved for a forbearance agreement as known as repayment plan. It all comes down to the team you have behind you. At Boggess and Harker well help you get the results you deserve.
Should I stop making my mortgage payments to get approved for a Loan Modification?
No. Missing mortgage payments will negatively impact your credit score and your ability to obtain financing in the future. If you are already behind on your payments it DOES NOT HURT our ability to negotiate a successful loan modification settlement. Professionally, we do not recommend that clients intentionally damage their credit score to obtain a loan modification. However, the farther you are behind in payments the stronger your case for modification with your lending institution.
Can I Qualify If I’m Current on My Mortgage Payments?
Yes! The truth is that the eligibility requirements for loan modification are constantly changing and differ among lenders. Many lenders are now completing loan modifications with borrowers who are up to date on their payments. It’s difficult to determine whether you qualify until you actually discuss your situation with the lender or with an attorney who is knowledgeable and experienced in loan modifications.
Can I Qualify If I’ve received a Foreclosure Notice?
Yes! As long as you still reside in the home – that is, you didn’t voluntarily abandon it, and the home hasn’t been sold at a foreclosure auction – you may still have time to work out a loan modification with your lender. The sooner you take action, the more options you have available and the more time you have to pursue the best option, but you can still negotiate late into the process. By contacting the lender or, better yet, having an attorney contact the lender on your behalf, you demonstrate a good faith effort to work out a solution and can often buy yourself extra time to negotiate a loan modification.