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When Should I Do A Loan Modification

You Should consider doing a Loan Modification when…

  • Your loan is more than the value of your home.  Missed payments early in your loan can cause your loan to exceed the value of your home. You may live in an area where property values are falling. Most lenders won’t allow you to refinance more than your home is worth. 
  • You need a principal reduction. You cannot reduce your mortgage principal with a refinance. A loan modification may be able to help if you know you owe too much money on your home and you’re likely to go into foreclosure.
  • You’re behind on your monthly payments. A lender won’t allow you to refinance unless you are current on your monthly payments. Seek a modification if you can’t catch up on your monthly payments before you apply.

Requesting a Loan Modification will require you to prove a hardship, fill out an application, and provide several supporting documents. 

If you need help Keeping Your Home contact Action Saves Homes

Monica Barrios

Born and raised in Southern California. She built a real estate investing team that buys houses in the communities they live in, we care about the people we buy houses from, which is why our team cares about your experience.

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