Will I be Approved for a Loan Modification?
This is a very sensitive subject right now. Unfortunately, most modification programs are voluntary and the banks are only required to "consider" struggling customers for modification programs. Even if you are one of the lucky ones that is able to participate in a trial modification, that is only temporary.
Typically, the payments are lowered for a three month period with the difference rolled to the back of the loan without the length of the loan being extended. Therefore, once the debtor comes out of the modification, the payments are usually higher than the original loan payment! Most struggling homeowners cannot make such a financial turnaround or adjustment within three months!
However, some customers get lucky and are approved for a permanent modification. Even so, you need to read the fine print and make sure you are understandinwhat you are agreeing to. In most situations, "if its too good to be true, it probably is."
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Greg Gilbert
Keith Maynard
