Posted on Mar 15, 2018

John Simonian Attorney at Law

Asking for a modification of your mortgage loan is a good way to lower your payment and put missed payments at the end of your loan. The process requires you to make an application and provide some documents to your mortgage lender. Income is taken into account, and you might even be asked to resubmit documents you have already provided. It is common to be asked to repeat a task you have already completed, and the process can become tiring. If you get to the end of the road and are told you do not qualify, you can feel defeated. So if might be good to know if the bank is required to give you a modification before you start this process. Unfortunately, the answer is no. That said, it is still worth giving it a try, and an experienced attorney can help make the process go more smoothly.
Here are some things you can expect when you ask your bank to modify your existing mortgage loan:
• A longer, rather than shorter, timeframe for completion of the process.
• The possibility that the bank will continue to take collection or foreclosure actions against you while you are seeking the modification.
• Repeated requests for submission of documents.
• An offer of a trial modification, which lowers your payments for a limited time and only once you have made all of those payments will a final modification be approved.

For more information about mortgage modifications, contact us at
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