If there comes a point when you are no longer able to make your mortgage payments as required, you'll want to think long and hard about your many options.
While selling your home may be the best decision you can make, others come to find that a mortgage modification is right for them.
If you are interested in a mortgage modification, here are some of the many steps you need to take:
- Contact your lender to learn more about the mortgage modification process, including what is required to move forward
- Complete the package supplied by your lender (don't leave out any information)
- Ask questions as the process begins, as you want to fully understand your rights
- Don't wait around and hope for the best, but instead stay in constant contact with your lender
- Don't delay in providing additional information that is requested from you
There is no guarantee that your lender will agree to a modification, but you will never know until you push the process forward and learn more about your situation. You can expect your lender to have strict requirements, so make sure you know what you need to do to improve your odds of success.
Debt relief through a mortgage modification may be the best way to stay in your home, all at a price that you are able to afford in the months and years to come. If you have any questions about your mortgage or how the modification process works, consult with your lender. You should also take the time to dig up additional information on your own.
Source: Bankrate, "Tips for getting a mortgage loan modification," accessed Sep. 20, 2017