I am facing some hardships by have managed to keep everything current. I am looking at contacting WAMU who owns my home loan and asking for a lower rate, but I am current on everything and wonder if I would just be wasting my time.
What is a loan modification and do you have to be behind on payments to get one?
some lenders will not take loan modification application if you are current on your mortgage. if you have right now arm rate your changes are better to do this without late payment on your mortgage. call them up and explain your situation - cost nothing to try.
Reply:If you call them and they are willing to consider your case, you would have to prove that you will fall behind on payments if they don't modify your loan...then they might work with you. If you just want better terms but have the ability to meet your current loan requirements, they won't modify the loan. Good luck.
Reply:You have to be late, have no assets and have suffered some hardship that effects your ability to pay. Death of one of the bread winners, unexpected disability, something along those lines, out of your control and not temporary.
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