Getting Frustrated Waiting on a Mortgage Loan Modification?


If you are getting frustrated waiting on a mortgage loan modification you are not alone. Close to 10 millions of homeowners are waiting on a mortgage loan modification at any given time. Mortgage companies are wanting to modify loans, and homeowners are waiting to get mortgage help, but it does not always seem to come together and work out the best way for both parties.

Being a homeowner that is desperate for help with lowering their mortgage can be a frustrating position to be in. In some cases there are homeowners who have been trying to lower their mortgage payments for close to a year with no resolution. I must say most homeowners do not fall in that category, but I have heard of such cases, and I have talked to homeowner that have been that unlucky with their modifications. Sometimes there are underlying problems such as chronic unemployment, an unstable recent work history, they are too past due to get mortgage help such as over 1 year behind on their mortgage payments, their appraised home value is far too low for a modification, they have a criminal history relating to the mortgage industry in the past 10 years, they refuse to accept a mortgage payment that is just a little bit lower than what they are currently paying or a little bit higher that what they are currently paying, among other reasons. Regardless, it can cause a borrower to want to give up and walk away from the home. It is sad but real, some homeowners will not get a loan modification, it could be for any of the reasons above, or other reasons that prevent a borrower from getting or accepting the help they need.

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A borrower should consider the reason why they were denied for a mortgage loan modification if that is the case, and see if they are able to fix their situation, or else it could be a long drawn out failed attempt for them. I often advise borrower that are not able to make their payments, and that do not qualify for a loan modification to consider other options. There is nothing wrong with selling a home if you are unable to qualify for a modification and you can pay the mortgage. Mortgage companies will work with borrowers trying to avoid foreclosure because foreclosure is often view as the last option to take back the property. Always talk to your lender and see what are the next best option for you is, if not a loan modification.


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