Posted on: 26th Apr, 2010 01:47 pm
A month after my loan was modified last year by the bank, my daughter lost her job. This month, my husband, lost his job, too. Last night my son approached me and indicated he will go leave his work to go back to school. All their income was used to help me modify my loan. Now I am really struggling since one income is not enough to pay for everything. For the first time since June 2009 I will be late in making my payment for April (every 15th of the month), grace period to the 30th.
How successful or what is the rate of success on a second modification, if there is any. Will the lender cooperate this time. My principal balance was reduced by 10% and my late charges were waived by the bank on the first modification. They even paid for late property taxes. I am afraid this time they will not let me have any modification at all and just issue me a Notice of Default or foreclose on me.
How successful or what is the rate of success on a second modification, if there is any. Will the lender cooperate this time. My principal balance was reduced by 10% and my late charges were waived by the bank on the first modification. They even paid for late property taxes. I am afraid this time they will not let me have any modification at all and just issue me a Notice of Default or foreclose on me.
The lender will check your financial situation before approving your modification. If the lender finds that you will not be able to pay your mortgage even after a modification, he won't consider your request. With the situation that you've mentioned, it would be difficult for you to get a loan modification for the second time.