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What is a mortgage loan modification?

The foreclosure figures in this country are truly staggering. Many of these homeowners have already lost their homes, many others live in fear that the notice of foreclosure will be served any day now. If you are one of the many people who is under the threat of foreclosure on your home, there are some important things you should know about the process of getting a mortgage loan mod.

The first thing to note about a loan modification is that it is not the same as refinancing your home.

When a mortgage loan is secured, there are usually only three variables in the terms: the interest rate, the principal, the term of the loan. It does not require appraisal of the home, lengthy credit checks and qualifying documents as would be the case with a refinance. Unfortunately a loan modification also requires you go through the same process.

As recently as two to three years ago, many banks and lending companies were making risky, upside-down loans that homeowners could not afford. The loans were too large, may have had variable interest rates and were spread over thirty or more years. A loan modification adjusts one or more of these factors so make the monthly mortgage payments affordable to the homeowner.

Qualifying for a Loan Modification

The first requirement is that you must have a real reason for your inability to cover the existing mortgage payment. Serious illness or death in the family is one reason, as the loss of a job by one or more individuals who contribute to the household income is another qualifying you for a loan modification.

Your mortgage payment must be in the range of one third to one half of your income. Sometimes higher debt ratios are approved if the other qualifications are met. Your mortgage loan must be aged for at least nine months; longer is better. Finally you must demonstrate that your existing and foreseeable income source will allow you to meet your modified payment schedule.

What can the Lender Do?

Banks that are part of the Federal Reserve Bank system have been instructed to do everything possible to turn back the rising tide of foreclosures in the United States. The sag in housing prices has affected every other sector of the economy. Although some foreclosed homes are being picked up at bargain basement prices by investors and speculators, the preferred avenue for economic recovery is to modify the terms of the mortgage so that the homeowner can continue to stay in the home.

Face Up to the Problem

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Homeowners should not be embarrassed to be in danger of being foreclosed upon. The economic factors that created unemployment are far beyond being the responsibility of just one person or business. If you refuse to take action though, you will be costing yourself and your family far more than the loss of pride.

The process of doing a mortgage loan mod is relatively simple, but you must act. Contact your lender with a copy of your mortgage and a realistic picture of your income and expenditures currently and during the next three to five years. It may be helpful to obtain the services of a qualified professional who is experienced and successful in obtaining modifications on residential mortgages.

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