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You can still qualify for a loan modification if you are behind on your mortgage payments. In some cases it is easier to qualify if you are behind. According to top mortgage industry research provided by FBR Research it can cost up to 41% of your loan principal value for a bank or lender to foreclose on your home.
If your bank or lender feels that modifying your loan will keep you in your home and save them from a costly foreclosure, it makes more sense to modify. When our negotiators prove to your bank that you can afford a modified payment, they are likely to modify your loan.
Our negotiators can negotiate to lower the delinquent payment amount as well (special forbearance). The amount that you are behind on your mortgage payments could be fully or partially forgiven, the rest can be added to the loan balance while the lower interest rate will offset the difference.
Loan Modification Facts
- Mortgage servicers provided loan workouts for approximately 189,000 borrowers in August 2009.
- In August, approximately 110,000 homeowners received repayment plans; approximately 79,000 received loan modifications.
- Nearly 53 percent of homeowners with subprime loans who received workouts through mortgage servicers received modifications.
Above statistics as reported by CNBC and HOPE NOW on October 2, 2009.
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