If you can’t refinance and your ARM mortgage is adjusting or about to and you can’t afford the new payments then it’s time to apply for a loan modification. Especially if you want to avoid foreclosure.
Many people are unaware of what a loan modification is and if they are eligible for one.
The facts are that 95% of the mortgages that are active can be modified by a lender as a form of loss mitigation. What’s that mean? It means that lenders are willing to negotiate when borrowers are facing financial difficulties and can’t obtain other financing alternatives. You must show the lender why it would be in the lender’s best interest to agree to a workout arrangement. If convinced, a lender may be willing to reduce the loan interest rate, reduce monthly payment amounts or change other loan terms.
Many borrowers make the mistake of waiting till they are knee deep in trouble before they try and work things out with their lender or they wait until their lender starts sending threatening payment demand letters before approaching the lender with a workout plan. By that time, chances of renegotiating the loan go down but are not impossible. Putting off contact with the lender does lesson your chances but now more than ever, lenders are willing to work an agreement that will be beneficial for the both of you.
If you would like free help with your loan modification then please visit www.LoanModification.org/forum.
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