Dos And Don'ts Of Loan Modification
Loan modification can be a complex process, and it can be intimidating for the people who need it. After all, by the time you start thinking about it, you're already in quite serious financial difficulties, and probably don't know which way to turn. These dos and don'ts are designed to help you get the best out of the process.
Do communicate with your bank. A loan modification is a process between you and your loan provider, so you need to talk to them at every stage. If you aren't sure who provides your mortgage, look at the records of who you pay each month.
Don't antagonise them. This is a stressful time for you, of course, but don't take that out on the people in the best position to give you what you want.
Do keep records. The process for a loan modification is going to involve you proving the financial hardship you're in, so you'll need to get your hands on bank statements and other records. Be able to prove your income, because the whole process is designed to reduce your repayments to a reasonable portion of that.
Don't deliberately default. If you deliberately default on payments to get into this scheme, it can have the opposite effect, seeing you barred from it. Don't do it.
Do get advice. If you're finding the process complex or worrying, get professional advice at once. Often, the cost can be included in the new arrangement, so you don't have to worry about up front fees.
Don't go bankrupt. If you're in serious financial difficulties, filing for bankruptcy can sometimes be your only option, but it also disqualifies you from this scheme. If you want to restructure your mortgage, don't do it.
Do seek help in time. If you need a loan modification, get one. Don't bury your head in the sand, because that will just make things worse.
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