Ohio Loan Modification

How to Qualify for a Loan Modification

Most of the time, you don’t have to miss mortgage payments to qualify for a loan modification. If you fear you’ll soon miss payments, you should act now. You only need to show you’re in danger of falling behind.

For most loan modification programs, you have to show four things:

1. The mortgage in question is for your primary residence.
2. You’ve gone through a financial hardship such as an illness, divorce,     injury, death of a spouse or job loss.
3. You’re likely to default on your payments without a modification.
4. You could afford payments under the modification.

The government’s Home Affordable Modification Program (HAMP) is an example of a plan where you only have to show you’re at risk of imminent default—and not actually be in default.

Lenders also have their own programs to help when you’re still current on your payments. After all, they want your mortgage to stay profitable for them.

Once you start missing payments, your situation gets harder. You’ll face expensive fees, a drop in your credit score, fewer options for refinancing, and lower chances of getting approved for a modification. Getting current again could be impossible.

You also need to know this: It can take a lot of work and several months to get a modification.

Don’t risk making any mistakes. Get a professional to help.

If you want a modification but the lender is denying you or treating you unfairly, talk to an experienced foreclosure defense attorney like the ones at HNB.

You can get the HNB legal team to evaluate your situation for free.

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