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What Is Mortgage Modification?

By Kevin Landis

What is mortgage modification? Who can qualify for a mortgage modification? Do I have to pay to have a mortgage modification done or can I do it myself?

A mortgage modification is a program where you can approach your lender and have them reevaluate your current mortgage in an attempt to lower your payments. This program, currently being encouraged by the government, is a one time offer to reduce your mortgage if you qualify. This program has been started in an effort to reduce the number and frequency of foreclosures on the market today.

Who can qualify for a mortgage modification?

Everyone can try and qualify for a mortgage modification, not everyone will receive one. You do not have to be behind on your mortgage to apply for a mortgage modification. You can be behind or even in foreclosure proceedings and still apply for a modification. When you apply for a mortgage modification you will be required to prove why you can no longer meet the requirements of the current mortgage. Loss of income is the usual cause of wanting to apply for a mortgage modification. You can only apply for a modification once during the life of the loan.

Do I have to pay to have a mortgage modification or can I do it myself?

You do not have to pay a service to apply for a loan modification. It is recommended however, if you do not feel comfortable processing a lot of paperwork that you enlist the help of a service. If you are positive about your abilities to complete paperwork, you can contact your lender directly and request a loan modification package. Be advised that the paperwork can include up to 50 pages to complete and will require a lot of documentation to accompany the process to prove your need for the modification.

Related posts:

1. How Do I Get A Loan Modification On My Mortgage?
2. Why Can’t I Get A Loan Modification To Lower My Mortgage Rate?
3. What Is Obama’s Mortgage Modification Plan?
4. Can A Mortgage Rate Home Modification Stop Foreclosure?
5. Can A Mortgage Rate Home Modification Help My Debt Problem?