Posted on: 29th Mar, 2009 06:58 pm
my mortgage is through a credit union. Due to falling values I owe more than home is worth and am struggling to keep up with payments. Can I qualify for a loan modification to get a lower interest rate tom make payments affordable.
Hi antonellis,
If you are delinquent on your payments, then you may qualify for the loan modification. You'll have to write a hardship letter to the lender. He would judge your financial situation and then decide whether he would accept your request or not.
If you are delinquent on your payments, then you may qualify for the loan modification. You'll have to write a hardship letter to the lender. He would judge your financial situation and then decide whether he would accept your request or not.
you need to speak to your credit union in order to seek a modification.
If you are up to date on your payments its very hard and most lenders wont even consider. If you are behnd on your payments, call them and speak to them and send them a Hardship letter saying why you cannot afford the house.
Hi
Garysnober is right in saying most lenders won't even consider a modification if you're current on the mortgage. But if you can convince them through a hardship letter that though you're current on payments at the moment, the days ahead would be far more financially challenging for you and you may fall behind on payments any time in the near future, they can consider doing a modification.
Garysnober is right in saying most lenders won't even consider a modification if you're current on the mortgage. But if you can convince them through a hardship letter that though you're current on payments at the moment, the days ahead would be far more financially challenging for you and you may fall behind on payments any time in the near future, they can consider doing a modification.