Can I get a loan modification if I am not behind on payments

Good news the answer is yes. There are many lenders today that will allow a loan modification if you are not behind in payments. Although, I have been told different in many instances because you get differing information from different loss mitigation phone team employees. It is actually unbelievable the misinformation that is being passed along because of lack of training. Any time you are told information that seems questionable call back to get a different representative.

The problem, many servicers (mortgage companies) are overwhelmed with work. Work being phone calls on delinquent mortgages, loan modifications, repayment plans, short sales, deed in lieu’s, REOs and different outreach programs to help delinquent borrowers stop foreclosure. With the work load overwhelming the employees the servicers (mortgage companies) have had to hire mass amounts of employees that really get minimal training and thrown on the phone lines for support. These loss mitigation phone reps really do not intentionally give bad information they have just been under trained and put on the phones for support. There is a learning curve for this business and if they are not continually monitored by their supervisors and managers they can get in the habit of not looking up on their reference materials and “guess answers”. As you all know things change daily and there you have it misinformation about loss mitigation programs including a loan modification.

Who do I trust to stop foreclosure, if you were referred by a friend or family member that has been helped is probably your first choice. Then refer to the Better Business Bureau because there are many people that are out to give you false promises and others with no morals and taking advantage. We have helped stop foreclosure for many homeowners with loan modification plans and other loss mitigation programs available.

Back to the topic, if you are not behind in payments many lenders allow loan modifications. If you are in a case of eminent foreclosure, meaning you have or in the next 60 days will have an adjustment in your interest rate and will not be able to afford your payments, lenders will consider modifying the loan.We have had many homeowner contact us that were facing foreclosure and we were able to stop foreclosure before they were delivered foreclosure paper. You just need to know while in review for a workout the lenders loss mitigation companies will continue the foreclosure process.

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