| Last week I discussed how to setup a loan repayment | | | | you are able to again make your regular monthly |
| agreement with your bank if you fall behind on | | | | payments but don't have any lump sum of money to |
| payments. This week I will show you a tactic that | | | | give the bank to get you back on track and can't |
| most banks won't even tell you about so listen up. | | | | afford a higher payment. Loan modifications are the |
| People don't realize that the bank has a lot of flexibility | | | | best vehicle to use to get your home back on track. |
| when it comes to helping you get your mortgage back | | | | The secret to loan modifications is to simply ask. |
| on track. Banks can do pretty much whatever you | | | | Banks don't tell you about loan modifications because |
| and them can agree to as long as it is legal. One of | | | | they want you to give them some money in exchange |
| the best options you can get to help you is called a | | | | for getting you back current with your loan. There are |
| loan modification. | | | | very few requirements for a loan modification. The |
| A loan modification is when the bank takes any | | | | first requirement and most important is that your bank |
| money that you are behind on (monthly payments, | | | | allows modifications. |
| attorney fees, insurance or taxes that they have paid | | | | Some loan servicers or banks don't allow loan |
| on your behalf) and they take all those fees and put | | | | modifications because they have a high rate of default |
| them on the back end of your loan. Which means if | | | | and they are no longer allowed to do modifications. But |
| you are behind $7,000 in fees then you wont have to | | | | you can always call your bank explain your situation |
| make up any of those fees until you sell the house, | | | | and ask if they will put the money you owe on the |
| refinance, or when you pay the loan off. | | | | back of the loan. |
| This will allow you to start making your regular monthly | | | | If they will, then you can save your home with a simple |
| payment again as if you never missed a payment. | | | | phone call. Give it a try and see what happens. Good |
| This is great if you have had a temporary setback and | | | | luck and God Bless. |