There have been modifications given on loans that were not late......but it is up to the investor on the loan............if the investor is FannieMae or FreddieMac.........their new streamlined modification is looking at loans that are 90+ days in default. A modification is given in hardship situations and they are worked like an emergency room mentality.......the most severe hardship cases in foreclosure are going to be looked at first...........these are what the lenders look at as a hardship...........
Adjustable Rate Mortgage Reset causing much higher payments
Illness
Loss of Job
Reduced Income
Failed Business
Job Relocation
Death of Spouse or C0-Borrower
Death
Incarceration
Divorce
Marital Separation
Military Duty
Medical Bills
Damage to Property (natural disaster or unnatural)
Some members that are turned down by
CW have been trying again for a modification through NACA.........if you meet the criteria they can put together a modification proposal to present to
CW and your investor.
click on the link for the info if you would like to give it a try..............
https://www.naca.com/refinance/refinanceTenStep.jsp