A homeowner who is currently making the mortgage payment on time, but anticipating that a hardship may occur may wonder when the best time to apply for a mortgage modification is. In the past, some mortgage companies would not consider a mortgage modification until the homeowner was behind on the mortgage payment. Homeowners would purposefully miss mortgage payments in order to apply for a mortgage modification. This led to the unintended consequences of interest and fees adding up quickly and unnecessarily, and credit scores affected negatively before the mortgage modification application.
Currently, many mortgage companies do not require that the homeowner actually become behind on the payments in order to consider an application for a mortgage modification. This varies from mortgage to mortgage. The homeowner is required to show that a hardship has occurred or is occurring, but the homeowner may not need to actually miss payments. The homeowner will also need to show that the hardship has caused or likely will cause the homeowner to miss a payment or more.
The Mortgage Modification Center
Regardless of whether a mortgage payment was missed or not, it is in the homeowner’s best interest to act as soon as possible. If you have missed a mortgage payment, or think you will miss a mortgage payment in the near future, please do not hesitate to reach out to the Mortgage Modification Center. Attorney John S. Simonian has assisted numerous families stay in their homes through mortgage modifications. Call (401) 467-7998 for your free initial consultation.
Attorney John S. Simonian is a Rhode Island and Massachusetts lawyer who specializes in bankruptcy law and mortgage modifications. Click here to learn more about Attorney Simonian.