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Has anyone actually been approved for a loan modification on their Mortgage?

I was laid off in June. Finances are soo flipping tight, since UE doesn't pay what I use to make of course, and I am seeing how difficult finding a job really is. In one of our efforts to cut back, I am trying to get a loan modification on our mortgage. It would help soo much. I've explained that I am out of work, and behind on other bills. I am told I do not qualify for our mortgage is current. It's current for I sacrifice other bills from time to time (utilities) and have almost drained our savings acct. I feel like the only way I have a chance of getting qualified is to start not paying the mortgage, and falling behind on it.

Has anyone been approved for a loan modification without actually falling behind on payments? I don't want to hurt my credit. I don't know what it's going to take. Once our savings is gone, then I really am going to fall behind on the mortgage, and I am wanting to PREVENT that.

Answer Question

Asked by Anonymous at 11:43 AM on Nov. 20, 2010 in Money & Work

Answers (6)
  • I heard that was one of the requirements. We could not do it because of the laws in TX. We had had an equity loan in the past and that made it so we could not participate. We just ended up paying to refinance.

    Answer by itsmesteph11 at 11:50 AM on Nov. 20, 2010

  • No, loan modifications never help anyone.
    Keep paying your mortgage.
    I thought the same thing about getting behind, but there is no help it just makes things worse in the long run.

    Answer by tyme4me2day at 11:55 AM on Nov. 20, 2010

  • Statistically speaking less than 1% of the applications are going through. If you can't afford the home or you need to move short-sale it. If not, keep making the payments. I'm so sorry you are going through this. I hope things get better soon.

    Answer by Erica_Smerica at 5:44 PM on Nov. 20, 2010

  • No, if we had never filed for a loan modifcation we would still have our house.

    Answer by wellnessgirl at 5:50 PM on Nov. 20, 2010

  • Falling short on you payments do not always effect your credit. they usually don't report it until after serveral attempts to make it right. Withtthe economy the way it is now lots of loan modifications are happening once you have be refered to an attorney for the foreclosure process. Once you receive a demand or notice of intent letter you contact either the attorney and ask about a loan modification. they will get in touch with the bank and try and work something out.

    Answer by andria82 at 9:24 PM on Nov. 21, 2010

  • You don't want to fall behind in order to qualify for a mod. It is a headache! A modification can take anywhere from 6 months to a year, depending on who you are with.
    Make your payments and and apply for a mod. You shouldn't have to be behind to qualify.
    Qualification falls under a variety of things.. your current income even if you have none because why would they modify you and you have no income, right? Or can't afford it. Second, how much you owe, or if you took out a HELOC. There are many others.. but check out
    You can find much more info there.

    Answer by LiloViet at 4:50 AM on Nov. 22, 2010

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