Loan Modification

Hi helpjuly,

You should contact both the lenders and inform them about your hardship. You can even write a hardship letter explaining your reason for a loan modification. The lender will judge your situation depending upon your letter and then decide whether or not he would offer you a loan modification.

Initially, the lender can give you a 3 months trial period. If you make regular payments during the trial period, then the lender can approve your request for a loan modification.

Thanks

Thank you and appreciet you answer

any idea how these two banks are when it comes to modification?

How quick are they and are they really helpful

Hi helpjuly,

Whether or not a a bank would accept your loan modification request would depend upon the discretion of the lender. It would take some time on behalf of the lender to complete the whole process. So you will have to wait for sometime to know whether your modification has been accepted or not.

Thanks

Thank you and apprecite your help

As James said and what i have seen from my friends experinace is that there is nto gurantee until it i done and you get the documents

what is your purpose to go for loan modification? if you want to go for merging of your both the loans, chances of acceptance are very high. your question is too generic. pl explain your requirement

To reduce my interest and not to loose the house