Phoenix Loan Modification Questions: Do I Have To Be Late With My Mortgage Payments?

I am current with my mortgage payments, but not for long. Do I have to be late with my mortgage payments to get a loan modification?

No, you do not have to be late with your mortgage payments to get a loan modification. That being said, we have had better, and faster, results with loan modifications when the homeowner was late with their payments. Think about it from the banks perspective: If one homeowner is giving them every dime they are asking for and another homeowner is giving them nothing, who is the priority?

A banks job is to collect money from their loans. If I was late with a mortgage payment, the bank has an opportunity to do a loan modification with me to start getting payments coming in. If I am current with my payments, they do not have any way of getting MORE money from me. I know its screwed up. That’s just the way it is.

*Side note: With a loan modification, the only thing that affects your credit is when you are behind on payments. You can complete a loan mod while staying current and keeping your credit intact.

If you would like to see what your payments would look like with a loan modification, please don’t hesitate to give me a call. We have completed many loan modifications while our clients stay current. Don’t wait until you have used up your savings to stay current on your mortgage. Call us today: (480) 389-5199