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How safe is your mortgage when you enter into a loan modification?
Wiki User
∙ 14y ago
Many homeowners believe that, if they can just get a loan modification and lower their monthly bills, they will be out of foreclosure. With the lenders' ability to make temporary loan modifications, though, this is turning out not to be the case in many situations.
For instance, banks may approve a temporary modification of the terms of a loan and require homeowners to make a series of payments on this plan. Even if the payments are made on time and as agreed, the bank can terminate the modification agreement.
Mortgage companies are under few obligations to turn a temporary modification into a permanent modification, despite whether or not the borrowers have successfully completed the plan or not. Banks can collect lower payments from homeowners for months, and then put the home back into foreclosure.
Thus, a loan modification may not be a safe way to stop foreclosure for the long term. Obviously, making on-time payments on a temporary loan modification may help, but the lenders have made it so that these plans can act as nothing more than a further collection effort before a property is finally foreclosed on.
Wiki User
∙ 14y ago
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