The number of permanent mortgage loan modifications with at least a 9 month payment history = 4,764.
Although this number is very small, for the right situation and the right Mortgagor, here are some additional tips to make a loan modification successful.
You’ve lost your job. You’ve recently gotten a divorce. Your adjustable rate mortgage has adjusted to a monthly payment you can no longer afford. Whatever the reason, you’re struggling to make your mortgage payments and need help. Through a loan modification, your lender can work with you to lower your home loan payments and help you keep your home. Unfortunately, many borrowers apply for a loan modification only to discover that the bank is proceeding with a foreclosure anyway. These tips will help you stay on top of the loan modification process and avoid foreclosure.