We don’t make enough money now that my husband is not working. I have called my mortgage company but keep getting the run around. I have filled out paperwork but they say they don’t have it. Can we get a loan modification? How much will it cost us?
Theresa in Rancho
Answer: Loan modifications take a lot of patience, dealing with the lender is not much fun. They are just overwhelmed with calls and it’s difficult even for trained real estate agents to get them to respond timely. A loan modification is based on your income and ability to pay all of your bills while making a house payment.
Cost of a loan modification varies; beware of someone asking for you to pay before you have agreed on a loan modification with your lender. There are a lot of scams right now with loan modifications, find a reputable real estate agent with experience in negotiating with lenders.
If the loan modification does not work out for you, consider a Short Sale before you lose the home to foreclosure. There is no cost to you, the bank pays the commissions. That will help you to save your credit and get back on track much quicker.
