When you first signed your mortgage and bought your home, you might have been in a comfortable financial situation, and you might not have thought that you would have a problem making your monthly mortgage payments. However, now, times might have changed, and you might be wondering if there is a way that you can modify your mortgage. There are mortgage modification programs out there that are very helpful for many homeowners. These are a few signs that you might qualify for one of these programs and that one of these programs might be right for you.
You Can't Afford Your Mortgage Payments
Right now, you might be struggling to make your mortgage payments, and you might be wondering about your options. Many homeowners who are struggling with their mortgages don't realize that there are options out there for them, but mortgage modification programs are designed specifically for homeowners who might be struggling with their mortgage payments. Therefore, if you have been having problems with your payments, there is a very good chance that you will qualify for one of these programs.
You're Dealing With a Financial Hardship
Of course, you probably aren't going to be able to have your loan modified just because you have been spending your mortgage payment money on other things. Instead, you will probably have to prove that you have been dealing with some type of financial hardship, such as if you lost your job, if your hours were reduced at work, or if you had to take a lot of time off of work because of an illness or injury. Different programs have different requirements, so you should ask if your current financial hardship will qualify you for the program.
You Think You Can Make Your Payments if They Are Modified
Of course, if you aren't going to be able to make payments on your home at all, then your only option might be to either to sell your home or allow it to go into foreclosure. However, if you think that you will be able to make your house payments if your loan is modified — such as if you do have an income but will only be able to afford your mortgage payment if it's lower than it is right now — then a loan modification might be right for you. Additionally, you should only look into a loan modification option if you are actually interested in keeping your home rather than renting another home or downsizing and buying a smaller and more affordable home.
Reach out to a loan modification program to learn more.