Your Questions About Home Loan Modification

Mark asks…

Loan Modification Services?

If you are in foreclosure and risk losing your home to the bank but want to keep your home, Would you use one of those loan modification services to help you?

John answers:

In this situation loan modification is only option to save your home. Many companies provide online mortgage loan modification you can try online sources where you can get detailed information for all types of loan modification services

This source provide you the detailed information and provide all types of loan modification services to save your home.

Donna asks…

help with home loan modification?

I asked…if i am on a home loan modification & only have 1 more month to go will acquiring a part time job mess things up?

Some dummy wrote as an answer about pay day loans info & tip.

that has nothing to do with my situation.

thanks for any help
Hi Tina

John answers:

NO. Take the Job.

A loan modification is an extension of your mortgage contract. Its a Contract!
The lender is hoping your situation improves.

If what your asking is, I’m working at getting a loan modification? Which requires a hardship!
Then getting a part time job adds income, which improves your situation, and may improve your hardship.
How much your going to earn, would be considered in the loan modification application.

Keep in mind, loan modification information has to be updated every month until the final okay is granted.

Hope that helps,


Jenny asks…

Home loan modification….?

I live in Texas, and I have a home loan with Bank of America. I wanted to know if there are a certain number of home loan modifications allowed during the term of a 30 year loan? I’ve had my home 4 years, and have only had one modification. This year was rough, and I’ve fallen behind on the mortgage again. I really don’t want a loan modification plan, but BOA always offers. I’m sure I could be fully caught up by Jan/Feb, once I receive my federal income tax return. So is there a limit to home loan modifications?

John answers:

There does not seem to be any law requiring any lender to allow you even the first loan modification. So if Bank of America says they will not do a second one- that would be their own rule- not a law.

John asks…

home loan advice….. any suggestions?

i am currently in a mortage loan with my sister, she is my co-signer/ barrower. is it possible to have the co-signer take over the loan? ive heard of taking off the co barrower but not the main person that has the loan. i am no longer happy with my house and i would like to move but i would be taking a 10k loss on the property. can that loss be added on to my other mortage?

John answers:

A home loan consultant can provide advice on a number of mortgage loan matters. The consultant can offer advice about applying for a new mortgage or refinancing an existing loan. Some loan consultants specialize in loan modification programs to prevent foreclosure. Loan modification allows the terms of your loan, such as its interest rate and length, to be changed to make the loan more affordable. Loan modification is generally available only after your mortgage has become seriously delinquent and foreclosure is possible. Some people with a home loan consultant title are actually loan officers working for a bank or credit union and are mainly interested in selling you loan products.

Types of Consultants
Some home loan consultants, including loan modification specialists, work for for-profit counseling companies. Many offer competent, ethical services, but others have been involved in scams, according to the Federal Trade Commission. The FTC recommends that you seek home loan consulting services from a nonprofit agency approved by the U.S. Department of Housing and Urban Development. The FTC says the nonprofit counselors are more likely to offer ethical services because they are bound by a code of ethics established by the federal government.

Background and Experience
Your first discussion with a loan consultant should be focused on the type of services the person or agency provides. For example, if you are trying to refinance your home with bad credit, you should seek a consultant with broad experience helping borrowers with poor credit. You should expect the consultant to be an expert in ethical credit repair and to know about all local sources for refinancing with poor credit. If you are seriously delinquent on your mortgage, you should seek a consultant with a proven track record for foreclosure avoidance.

Initial Meeting
Use your initial meeting to question the consultant about her length of experience as a home loan consultant. Ask how the consultant’s experience and background qualifies her to provide the type of help and advice you need. Ask about the consultant’s educational background, including any licenses or certifications. Also ask for the names of some former customers you can call to ask about the quality of the services they received.

Analyzing Your Situation
Ask specific questions based on your circumstances. If you are applying for a mortgage for the first time, ask about credit and down payment requirements. Ask the consultant to review your credit report, which you can obtain for free from You can also obtain your credit score separately, for a fee, by following instructions on the credit report. The website is the only site endorsed by the Federal Trade Commission to offer free credit reports under the terms of the Fair Credit Reporting Act.

If you are refinancing or seeking loan modification, ask the consultant if you are likely to qualify based on your credit qualifications, income and level of debt. Also ask about key features of home loans, such as the interest rate and the length of the mortgage. Ask about different types of loans, such as fixed- and variable-rate mortgages.

Charles asks…

Home Affordable Modification?

Today I received all the paper work needed to continue with the process , and as I read I realized that my principal would change from 475000 to 548000 , and that 212k would be deffered principal and the rest would receive a 3.78% interest rate. Do you think that it would be a good idea to accept the proposal , or just walk away? BTW: my home is valued at 311k

John answers:

Walk away.

It would be nearly impossible to replace this loan with another as your principal amount (debt payoff amount) is higher even than the value of your home.

Modified loan proposals such as these are designed to keep you stuck in the program.
Once you default on the loan, you forfeit it to the lender (or more likely the next 3rd party who buys up your loan)

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