Mortgage debt options haven’t been the easiest to secure with lenders in recent years as many have held stubborn lending practices. As a homeowner, you do have some recourse when it comes to being denied options like a mortgage modification.
If your lender has denied you a mortgage modification there are few of actions you can take to resolve your mortgage debts.
First, find out why the lender denied your original request for a mortgage modification. If it was a matter of paperwork or needed documentation, you may be able to provide what is needed and reapply. If it was a matter of credit score or financial circumstances, check these standards against what other lenders offer in the way of approving modifications as a comparison.
Next, look into securing a modification through the federal Home Affordable Modification Program. The program may help you qualify for or find a lender willing to modify your mortgage loan. Details about this program can be found by checking the Making Home Affordable program website.
Last, contact a foreclosure lawyer to review your case and determine if you have any legal recourse. A U.S. court of Appeals recently ruled that homeowners can sue banks that may have unfairly denied mortgage modifications.