Proving Hardship for a Mortgage Modification
Posted on | September 14, 2009 | No Comments
I get asked a lot of questions about modifying current loans and one of the things many companies want you to do is prove hardship. What does that mean since once would think if you are calling them you have hardship? Simply, you have to show that you are having trouble paying your bills or will be having trouble down the line paying your bills as they are. What you don’t want to do is wait until you just can’t pay your bills anymore.
The mortgage company has to have some time to establish if they can help you and they will want you to pay your mortgage on-time. If you wait until you cannot pay then they look at you differently and your choices change. That’s not to say they can’t help but it does make it harder for the investor to want to help if they think you will go into foreclosure anyway. You have to think like the investor and think what would make since to you? After all, you did sign a paper that said you would pay the mortgage and they really want you to be able too as well.
Comments
Leave a Reply