Financing in Berwyn>Question Details

Bubbles, Home Buyer in Berwyn, IL

loan modification any bank will do it ? or does your own mortgage Co. have to do it?

Asked by Bubbles, Berwyn, IL Wed Jun 15, 2011

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Good Evening,

Skip succinctly summed it up. One thing to keep in mind if you are current on your mortgage, you may have a different experience than if you are delinquent. Why I mention this is that in Illinois, the lender has the legal right to proceed with foreclosure once you have missed 3 payments and you do not have a signed and executed loan modification in place.

Also, when you call your existing mortgage company, ask for the modification department.

Good Luck,
Michael

Michael Hobbs
President
PahRoo Appraisal & Consultancy
Web Reference: http://www.pahroo.com
0 votes Thank Flag Link Mon Jun 27, 2011
You are modifying your existing mortgage so your own mortgage company does it. I totally agree with Shane below regarding scammers who will charge you money for a modification and they usually want that money up front with no promise of a modification. You can work directly with your lender on modifying your mortgage and make sure you are consistent as it can take a while. Many times they will give you a temporary modification (usually 3 months) so make sure yours becomes permanent if they approve you for one.

Good Luck!
Web Reference: http://LauraKarambelas.com
0 votes Thank Flag Link Thu Jun 16, 2011
Your own mortgage company has to do it because you are modifying your existing mortgage - a new mortgage lender could only offer you a refinance. There are services/attorney's/company's that provide assistance with modifying your mortgage but there a LOT of scammers out there so I only recommend you modify your mortgage directly with your lender or with a non-profit HUD counselor.

Read the state of Illinois warning about loan modification scams:
http://www.obre.state.il.us/RESFIN/mortloanmodscams.htm
0 votes Thank Flag Link Wed Jun 15, 2011
A loan modification is done with your existing lender(s). A loan refinance would involve a different lender.
Good luck,
Web Reference: http://ocnorth.com
0 votes Thank Flag Link Wed Jun 15, 2011
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