Financing in 02360>Question Details

Stephen Plai…, Renter in Plymouth, MA

How many months behind before a loan modification might be considered.?

Asked by Stephen Plaisted, Plymouth, MA Wed May 16, 2012

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Hi Stephen,
You do not have to be behind on your mortgage to consider a loan modification. However, you do need to have a hardship, this could be financial, loss of job, reduced hours, medical etc... also this hardship could be temporary or permanent. You need to be able to prove this to your lender when requesting and applying for a loan modification. There other options that you may qualify for (depending on your situation) such as special forbearance.
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0 votes Thank Flag Link Wed May 16, 2012
They might not ever consider it and they might move directly to foreclosure.
1 vote Thank Flag Link Wed May 16, 2012
I would say it is varied. Call your lender to discuss the term.
0 votes Thank Flag Link Tue May 29, 2012
That varies from bank to bank but I have noticed that when you are behind at least two payments they start paying a little more attention to you.. It does not sound right that you have stop making payments for them to pay attention to you but this is what happens..
0 votes Thank Flag Link Wed May 16, 2012
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