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A mortgage modification is a change to an existing mortgage loan that will make the payments more manageable for the borrower and help both lender and borrower avoid foreclosure. For both parties, this represents a big change that will hopefully prevent future trouble in paying back this loan. Throughout the process, it is important that you have a complete understanding of the guidelines that need to be filled in order to be successful in this process.
According to Moe Bedard, an expert in the area of home modification, here are the most common myths of mortgage modifications.
Myth 1: A Homeowner's Best Interests are Protected by Non-Profit Mortgage Modification Groups
There is no reason to distrust groups like Hope Now and 995-HOPE, but they often don't add any assistance to the process. They do not deal with a variety of circumstances and focus on the income of the borrower, not the terms of the contract. Legal issues, like the ones usually associated with loan contracts, can take a long time to deal with and can end up in court. These groups would rather handle quick fix cases.
Myth 2: Lenders Will Reduce the Principal when the Balance Exceeds the Worth of the Home.
This is possible, but does not happen often. Usually when principal is reduced, it is on a first and second mortgage. The second mortgage usually gets negotiated down to about 15 cents on the dollar. If it was possible to simply call your lender and have your mortgage lowered every time a homeowner found himself a little tight, the bottom would drop right out of the economy. Given the current economic situation in America, the entire mortgage market could be destroyed.
Myth 3: Lenders Seek Out Solutions to Help Homeowners
The longer the lender keeps the loan at its original terms, the more money they make. Even though a modification does help prevent foreclosures, they do reduce bank profits. If a homeowner cannot maintain the terms of the original loan, this indicates that the lender did not operate wisely. If they had, they would not be facing the large number of foreclosures they are facing today.
A mortgage modification is a multi-step process that requires both the borrower and lender to know what they are doing. If you know the facts, and understand the truth behind the myths, you can simplify the process simply by knowing what is going on.
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