Ten Questions To Ask Your Lender About Mortgage Loan Modifications

A mortgage loan modification can lower your house payments, and for that reason a lot of homeowners decide to ask their lender if this option is available for their loan. If so, there is a procedure to follow in order to get the modification, but there are also a lot of questions. Before you make a final decision, do your research and make sure that you have satisfactory answers to all of your questions.

Ten questions to ask your lender about mortgage loan modifications, when you are considering filling out an application, are:

•         How long will it take to get the modification, and what amount are you supposed to pay each month until there is a final decision on your request?

•         What documents are required to be turned in with the application, and what happens if your documents are misplaced?

•         Is there a minimum amount of income you need in order to qualify, or a minimum amount of time that you have to be at your job in order to apply for a modification?

•         What other options do you have to get your mortgage payment to a more manageable level if the modification is not approved?

•         Will your modified loan be serviced by the same lender, or will you have to make payments to a new company?

•         Do you have to get your house appraised in order to apply for a modification?

•         Can your taxes and insurance expenses be included in the modified loan?

•         Will there be a trial period or will your modification start right away?

•         If you have had your mortgage modified before are you still eligible to have it modified again?

•         How low of a rate will you be able to get with a modification?

Many lenders have an entire department dedicated to helping their borrowers seek modifications, but those employees are not working for you. If you want to get the best result possible, or even learn about alternatives to lower your total debt load, call a knowledgeable debt management attorney today. We have experience assisting consumers with mortgage modifications, filing for bankruptcy, or finding another solution to their money issues.

For more information about how to handle overwhelming debt, call us today or reach us online at www.law-ri.com.