Home First is an industry recognized loan modification and short sale negotiations consulting firm and they are more than happy to help you with any questions you might have in regards to your Loan Modification. 

• Do I have to be delinquent on my mortgage?

As with most of the “rules” about modifying your loan, the answer to this question has changed quite a bit over the past few months.  Traditionally, the Note Holder viewed on-time payments as indisputable proof of financial ability to pay, regardless of what the homeowner was sacrificing in order to make the payments, or how unsustainable that was. 

The Past few months have seen more lenders using a previously untapped resource – common sense!  We’ve been able to convince most of the major lenders to lower the payments of clients whose mortgage presents a legitimate financial hardship to them without having to damage their credit by missing multiple payments.

• Do I have to have a hardship to get a modification?

Yes.  As a general statement, a lender will consider a modification for someone who has both verifiable financial distress and no or little equity in their home.  The term hardship is a pretty  broad term that encapsulates anything which has caused a material change to your budget.  Loss of income obviously makes it difficult to pay the same bills, but an increase in bills on the same income is equally difficult to budget.

Don’t wait! Contact Matthew C. Scott at 858-581-6648, e-mail MScott@Home-1st.com or fill out a contact information form online here.

To read our former blogs about “Loan Modification” please visit Home First, Inc - What is Loan Modification and Why is it Important?, Home First, Inc - Loan Modifications Questions - Tutorial 1, Home First, Inc - Loan Modification Questions - Tutorial 2 and Home First, Inc - Loan Modification Questions - Tutorial 3.