How A Loan Modification Can Help You Save Your Home

June 8, 2010 - PRLog -- While you may not end up being able to qualify to get a mortgage refinance if your current loan to value happens to be upside down, that is not a factor for a loan modification. You are not trying to get yourself a new loan after all. You are simply looking to restructure the home loan you currently have. This does not involve any re-qualifying and the same happens to go for credit score also.

However your monthly income and expenses do need to be able to demonstrate that you can afford the home loan modification you are asking your financial lender to grant you. While you’re financial lender very well may tell you that they only do a home loan modification if you are two or three payments behind that is just untrue.

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You do not have to be lying on the floor bleeding to get help lets be a little more realistic. Instead, you just need to simply get the financial lender's attention and find a way to get them to take you seriously on your mortgage refinance loan. The fact that you have been able to make all your payments actually shows that you are a good candidate for getting mortgage refinance help. You will keep paying bills on time if you are able to afford the payments. Financial lenders can also be convinced of this but you are going to have to get their attention and get them to take you seriously on your mortgage refinance.

It is also a possibility to negotiate a home loan modification where the homeowner has never actually have missed a payment or been late. Lender participation would mean that they would be adhering to government guidelines only voluntary. You still have to be able to negotiate and convince your financial lender that a home loan modification makes a lot of financial sense for them. You will need to be able to demonstrate and document that you can afford the payments that you are asking for. If you are unable to, you will need to utilize another option. The good news is that there are other loan modification options out there and it still may be possible to stay in your home.

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