If a homeowner has the means to afford his or her mortgage payments, and can get caught back up with the lender, the mortgage company may re-qualify him or her for lesser payments, or a reduced mortgage balance. Proof of income, a financial worksheet and the reason for a temporary hardship will have to be substantiated.
It is essential that the homeowner understands that if he or she missed a mortgage payment, the bank is going to foreclose. Financial distress has become all too commonplace for many borrowers. The bank´s loss mitigation department hears of hardship daily, so they are not going to be judgmental if you make an honest and sincere effort to work with them
Loan Modification
It is essential that the homeowner understands that if he or she missed a mortgage payment, the bank is going to foreclose. Financial distress has become all too commonplace for many borrowers. The bank´s loss mitigation department hears of hardship daily, so they are not going to be judgmental if you make an honest and sincere effort to work with them