In a time of financial crisis many individuals find themselves reflecting on their financial situation, especially in regards to the fluctuating housing market. No individual wants to lose their home but the search for solutions to stop foreclosure seem to be limited. Many individuals without the ability to support themselves are abandoning their houses and other families are having to rely on multiple incomes to survive, including the incomes of their older children.
Question by macphoto: Does a person need to be behind in mortgage payments in order to qualify for loan modification? We are current on our home loan but our work has slowed considerably and we dont forsee being able to make our mortgage payments in the near future. Our loan is through Bank of America. [...]
Question by Allen: will our lender start foreclosure if we are in the midst of trying to obtain loan modification? we have our mortgage in Illinois with Wells Fargo. We can no longer make the mortgage payment and called Wells Fargo who is mailing a loan modification pkg. to us. Meantime, we will not be [...]
Question by The Spammers: Is there a catch to getting a home loan modification? Everyone is telling me that I’m paying too much on my home mortgage and that I should call the bank and request a home loan modification. Is there a catch to this? Money upfront on my part? Anything else I should [...]
Question by toohotnky: How difficult is a loan modification? I am in the process of negotiating a loan modification for our mortgage. Is it always this hard? Do you really have to negotiate constantly with the mortgage company? It seems like its never going to end. Best answer: Answer by Andre D Not to difficult [...]