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Can I ask for a loan modification if I lost my job, but my loan is current

  • April 17 2009 - US
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Answers (2)

Yes you can but I have never had one go thru if your up to date on your mortgage payments. I have had clients lose their job and did their best to find work and used savings ect. to make their payments. Loan modification is for someone with no other option. You don't modify just because you home value dropped or lost your job. Another thing these programs have been around to help homeowner in trouble for decades this is not anything new. To receive a loan modification you must have had some financial hardship that prevented you from making your payments. Medical expenses, unemployment, interest rate adjustment, credit card rate increase.ect.  I talk to people in real trouble every day. Some think that since they can't refinance they can modify. This is not the case.  Also you should never pay any upfront fee. The idea is to get back on your feet.  Make your payments and build up a cash reserve so you don't get behind again. Good Luck!
  • April 17 2009
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Yes it is possible. The key term here is "Imminent Default".

If you can demonstrate to you lender that your current circumstances will put you in Imminent Defaut, even though your mortgage is current they may approve an Modification for you.
  • April 17 2009
  • 0Yes

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