Factors That Influence A Mortgage Modification

: Chris Lee Law Firm

  Filed under: Mortgage Modification

mortgage  modificationA mortgage modification can be a great tool to help relieve your mortgage debt troubles and avoid foreclosure. However, there are a few factors that influence your chances of successfully obtaining a mortgage modification that is beneficial to you.

Your Lender

It is important to remember that your lender is the only one who can approve a mortgage modification, which means that they are the key to your success. Some people will suggest negotiating with your lender or “playing hardball”, which may not always result in a successful modification agreement.

You have the best chance of successfully navigating the modification process if you come to your lender with a proposed plan and allow for changes to be made by the lender. In other words, ask for more than you want or need and be willing to accept a little less. The  lender wants to feel like they won and are getting the most from you, so be prepared to get what you need but be flexible.

Your Finances

When negotiating a mortgage modification with your lender it is imperative that you demonstrate your financial need for the modification. You may want to provide proof of reduced income or increased expenses in order to demonstrate your need for a reduced mortgage payment. If you have experienced an illness or  medical condition that is costing you lots of money in medical bills, show your lender why you are in financial need.

However, remember that a lender is  only willing to work with those who can provide and maintain a consistent monthly  payment. This means that you need to prove financial hardship while also demonstrating your ability to make enough steady income to cover your payments.

 

 

 


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