Does A Bank Have To Agree To A Mortgage Loan Modification Or Is It Voluntary?

November 30th, 2009

We have lost a third of our income and unable to make our next mortgage payment. I asked my loan officer about a modification and he acted like he had never heard of it. Now he is avoiding my calls.

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4 Responses to “Does A Bank Have To Agree To A Mortgage Loan Modification Or Is It Voluntary?”

  1. Kristin Says:
    November 30th, 2009 at 2:45 am

    As I understnd it, the bank does not have to agree to a loan modification, however In my opinion the people who work for the bank are foolish not to agree to a loan modification particularly where it is important to avoid a foreclosure.
    Right now property prices are artificially depressed because of all of the foreclosed properties.
    Any property taken back in foreclosure and sold on the open market results in a huge loss for the bank and devastaes the family that loses their home.
    It makes more sense to modify the loan so that you can make the payments and keep you in your home.
    When the economy improves, your income will improve, the market value of your property will go back up and you will be able to catch up on your mortgage payments and the bank will avoid the loss that they would otherwise suffer if they foreclose on your home.

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  2. Mike Says:
    November 30th, 2009 at 2:45 am

    Hi,
    The bank does not have to agree to give you a modification. It is their option to do so if they want to. In order to get a modification you have to qualify for one. The two main requirements are
    1) Write a good hardship letter
    The lender wants you to explain why you are requesting a reduction or modification of your payments.It sounds simple but, if you prepare it wrong, you will be denied.
    2)Prepare a financial budget.
    The lender wants to make sure that you don’t over qualify or under qualify for a payment reduction. You do this by completing a monthly analysis which compares your monthly income against your expenses. It is pretty simple, but again you have to know where the ‘sweet’ spot is.
    Do these two things effectively and you are on your way to a nice payment reduction.
    You definitely do not need to hire a professional to accomplish this. All you need is a good do-it-yourself guide.
    visit http://www.mortgageloanmodificationsecrets.com

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  3. Joseph Says:
    November 30th, 2009 at 3:32 am

    Gooday Friend
    My name is kyle James am from Canada recently when I was searching for a loan to pay off my bills so I posted an advert here in yahoo answer just few weeks ago I was recommend to susfasa loan firm by Anais willy from U.S.A so when I was your profile here in yahoo answer I decided to recommend any one that in need of loan direct to this kindly man of God his name is Rev Osborne Moore is the C.E.O of Osborne Moore Loan Agency, you can reach him via:osmoreloanagency@gmail.com tell him that Kelly Cole from Canada recommend you to him who his offer a loan few weeks ago.
    I wish you good luck
    K James

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  4. klye j j Says:
    November 30th, 2009 at 3:43 am

    If you lost your income and have a hardship, you may qualify.
    We do a lot of loan mods and every client is different with
    different situations and different hardships.
    Give us a call at 866-321-6227 and we will be happy to discuss
    your individual situation.

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