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Loan Modification FAQ
What is a loan modification?
Loan modification process consists of
modifications to existing terms and conditions linked with your current
loans, so you can reduce your net payable interest rate and help you to
repay your monthly dues as per a new repayment schedule based upon the
amount you make each month and ability to pay.
Can lenders charge late fees in Loan Modification?
According to HUD any late charges incurred
should be eliminated by creditors at the time of loan modification is
worked out. But in the real work, it varies depending on the type of
loan that is being modified. Consumers are allowed to request a complete
breakdown and clarification of all late fees and penalties from a
lender.
Can the bank order an interior inspection of your property and the
condition of the property?
Creditor are allowed to officially conduct any
reviews that they deem necessary to verify that your property does not
have physical conditions that may adversely impact the current market
value of the collateral against credit facilities.
How do I qualify for loan modification?
The main criteria creditors look for is your
ability to make the modified monthly payments based your current job
status and monthly income. To qualify, you will have to provide the
creditor with proof of your monthly income and give them a detailed
financial statement that shows income and expenses. In essence, the
creditors will be looking to see if it is possible for you to afford the
new, modified payments, and consumers have the burden of proof.
Do my monthly payments have to be delinquent to qualify for loan
modification?
Most creditors will accept applications even
when you are not delinquent. But you will be required to prove that you
won’t be able to sustain making payments on your current loan for long
because of existing interest rates and market conditions. Contacting
your creditor and having an open, honest conversation can help bring
clarify whether you should be delinquent or not to qualify for loan
modification.
Can I prevent foreclosure with loan modification?
That’s exactly why people go through loan
modification. In fact, the main point of loan modification is to prevent
problems, including bankruptcy and foreclosures. Consumers should work
with creditors to find a loan modification solution that works for them
to ensure that the new set of terms and conditions will work well.
Can payments that are missed or defaulted be added back into my new
loan modification?
Yes. Any defaults or financial liabilities can
be added to your new loan amount and included in the repayment balance.
Should I get help with loan modification from a professional?
While it’s possible for you to get a loan
modification alone, if you are knowledgeable about financial issues.
There’s no law stating that you must hire someone to help you. It all
depends on your comfort level with dealing with creditors and
understanding your options based on your financial situation and
liabilities. We suggest that you learn as much as possible about loan
modifications and your legal rights, and what needs to be done to get
your application approved.
There is tons of information available about loan modification programs.
But many consumers run into problems understanding the information. This
site will answer some of the questions, but each loan modification is as
unique as the person going through it, so contact a professional for
more help.
