Tag Archives: Homeowner

If you have fallen behind on your mortgage and are facing the prospect of foreclosure, this blog can help you decide on strategies to save your home. Depending on your situation, a loan modification may be available through your bank or the federal government. However, using a loan modification to prevent foreclosure can be a risky choice. To be eligible for a loan modification, you generally have to be behind on your mortgage. Some people intentionally stop paying their mortgages to become eligible. In other cases, your lender may request lower payments (also called trial payments) while they determine your eligibility. These are partial payments and may not meet the minimum obligation on your mortgage. If your request for a loan modification is denied, your mortgage may be put in arrears and you may owe late fees for missed or partial payments. Having your loan modification request denied means you…
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