Is it easy to get a loan modification? What do I say to my mortgage lender?
If you are still making your payments but want to renegotiate your mortgage and have a loan modification, you will want to take action immediately by calling your mortgage lender.
If you have not missed a payment in 30 days, unfortunately the cards are stacked against you at this current moment. It is easier to get a loan modification if you have actually missed a payment. Since this isn’t a good financial strategy, what you should do is contact your lender immediately. For more information, visit the FDIC website.
Tell Your Mortgage Lender You Want A Modification
While most lenders probably will not give you a loan modification if you haven’t yet missed a payment, you still have a shot, and the 15 minute phone call is well worth the time. You shouldn’t bother contacting an attorney, as it will most likely be a waste of your money.
If You Can’t Modify Your Loan, Refinance
Since you are still current on your mortgage payments, it means you should be able to successfully renegotiate your mortgage. If your lender will not grant you a refinance, you can call around and seek other lenders. Since you are on top of your mortgage payments and haven’t been late, there should be limited risk for the lender and relatively easy for you to get the mortgage refinance.
Getting a loan modification is not easy if you haven’t missed any payments, but you should still contact your lender and see if it’s possible for them to give you a modification. Be persistent, and explain to them that you have not missed a payment and thus should be given preferential treatment to someone who is already late on their payments.
