Are Loan Mod’s the Magic Bullet for Loan Problems?

If you’re facing loan payments you can’t afford a loan modification that cuts your bills in half  sounds pretty good…But is that a realistic expectation?

Here is a quick list of things to think about before attempting a Loan Mod:

• Is your hardship situation temporary?
• Will it be easier for you to make payments in the future?
• Has your financial situation changed permanently?
• Are you willing to take a hit on your credit to get out of a bad financial situation?
• Can you make payments for months while the Loan Mod is negotiated?
• What happens if the lender does not offer you terms you can accept?
• Lenders will generally proceed with foreclosure proceedings while you are attempting a loan mod…that way they are ready to foreclose if the modification does not work
• What is your plan if the loan modification does not work?

Your answers to these questions will decide what’s best for you…the best thing you can do is contact me right away before you start to miss payments…we can go through all the details, and help you choose the right path

Take a look at the Loan Mod 101 page for all the basic information that you need to be ready to deal with your lender and negotiate for the best terms.

Need help deciding where you need to go to get in contact with your lender or determine who owns your loan?

Try the Where to go for a Mod page….with links to the lenders loan mod service centers.