Pre Loan Modification Questions and Concerns

[CaliforniaBlue]

Hi,

I have some questions about loan modification.

- What is the minimum requirement to be able to do loan modification? I seem to feel banks want us to be near foreclosure stage and with late payments with no other financial alternative before they will consider helping us.

- Is there any charge when banks do the loan mod for us?

- Being a responsible lender, I want to do loan mod before the the financial crisis hits home. With my payment on-time and no salary reduction yet, what is my chance of getting a loan mod? Is it worth going through the hassle to submit docs and do multiple phone calls at this time? Should I wait until I have a proven bad situation to go for the loan mod? I think it's the wait-and-see-and-hope-the-problem-will-go-away get us into such a financial mess.

Thanks.
CB

[Moe Bedard]

Hi CB,

Welcome to the forum and thank you for joining..................


The modifications given are up to the investors on the loans...............all of your questions would be answered with a quick phone call to the servicer to ask what options the investor on your loan has............they will let you know.

Who is the servicer on your loan?