Who should request a Mortgage Loan Modification?

A loan modification is typically for individuals who are facing financial difficulties and are struggling to make their monthly mortgage payments.

This can include:

• Homeowners who are behind on their mortgage payments: Those who have missed one or more payments and are at risk of foreclosure.

• Homeowners who are experiencing financial hardship: Those who have experienced a change in income, job loss, medical emergency, or other financial setbacks that have made it difficult to make their mortgage payments.

• Homeowners who are underwater on their mortgage: Those who owe more on their mortgage than their home is worth, making it difficult to sell the property or refinance.

• Homeowners who have adjustable-rate mortgages (ARMs): Those whose monthly payments have increased due to an ARM resetting to a higher interest rate.

• Homeowners who have interest-only or negative amortization mortgages: Those who have mortgages with unusually low monthly payments that don't cover the principal, leading to a growing balance.