Thursday, June 1, 2017
If I Am Behind On Mortgage Payments Will I Be Turned Down For A Mortgage Modification?
When money is tight and bills go unpaid, you might think you don’t have very many choices to get out of debt. But the truth is that you have several options to relieve financial stress, and once you take the steps towards financial freedom you will immediately feel less stress and anxiety. Being behind on your monthly obligations can lead to marital problems, emotional distress, and even physical maladies. And unfortunately, many people think that once they are significantly behind on their debts, there is nothing left to do but allow the creditors to take back property or file collection lawsuits. Nothing could be farther from the truth, which is that regardless of whether you are current on your payments or a few months past due, you can still get relief. In fact, sometimes you stand a better chance of a good result if your accounts are not current.
This is true in the area of mortgage modifications, where being behind on mortgage payments is the norm. That said, you still may be wondering if you can be turned down for a mortgage modification is you are behind on the payments. The short answer is no, but there are several more factors that go into whether a lender will approve a modification. Some of those factors include:
• Your employment status and likelihood of continued employment with a steady paycheck. In order to have a modification approved you do have to show you have the ability to make the new payment, and this is best done by providing information showing you are employed and will remain employed.
• Your income level, which will provide further proof that you are capable of making the modified payment.
• Whether you are able to provide the documents required to prove your income and employment, and also any other documents the lender requires.
A mortgage modification is a great way to get a lower house payment. But it does take some work. When done right, the past due payments you owe can be rolled into the newly modified mortgage, so you will be considered current on your payments. For help getting your mortgage modified, call us for help.
For more information about mortgage loan modifications, call us today or reach us online at www.law-ri.com. We will help by coming up with solutions that work for you and have multiple locations for more convenient one on one office visits.