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Depending on your financial hardship, you're a perfect candidate for a loan modification. The reason why I say depending on your hardship is because it needs to be legitimate i.e. loss of job, reduced work hours, reduced income, illness, unexpected major medical expenses, family issues, divorce, failed business, child care, etc., etc., etc. You don't have to be current to qualify, in fact if you're behind, your file is considered a "priority" with the lender because they need to assist the files that are close to being foreclosed on. As for you being behind on your property taxes, my experience has been that, if your loan is approved for a modification, they will roll all past due mortgage payments, property taxes and other fees into your current balance, bringing you current. Your balance may increase but you will have a lower payment and you won't have to come out of pocket with the past due amounts. You need to call your lender ASAP because the longer you wait the more difficult things get for you. If you try to do the loan modification yourself, do your homework. Pull up your lenders website and look for the homeowners assistance section. When you make the initial call to your lender telling them that you need to modify your loan, they'll "pre-qualify you by asking what your hardship is and ask you what your income and expenses are. Be prepared and have this info before you contact them. If you're pre-qualified, they'll give you a list of documents that you'll need to provide in order to start the loan mod process. Doing the loan mod yourself, keep in mind that you will need to be persistent, have patience - as the process takes several months, and follow up frequently with your lender - every week to ten days! Keep on top of things! Good Luck!

by Michael

1 month ago

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