Mortgage Loan Modification in 13

[Johnworker1]

When I first filed about 5-6 years ago I asked my attorney about loan modification and she said it was possible but she never saw it done. Now I don't know if she was telling the truth or just tired from all my other issues (which isn't an excuse). So now at the cross roads of possibly filing again (dismissal) I would like to ask generally is it still possible (laws changed?) and how common or maybe I should say how hard is it to get done?

[dmc-2008]

I have read of a few people in here do it successfully! Hopefully they will reply. Good luck!

[switch625]

Definitely possible. I applied for a mortgage modification during my 13 and got approved. Just prepare for a long process, as in months.

[spidge]

It is possible. If you are even a month behind you get their attention. We had our loan modified just before our BK then again just as we entered our final year of the 13. You need to put together a hardship letter stating why you need the relief. Also the trial payment is not necessarily what your payment will end up as. To our delight our payment ended up a few hundred dollars lower than expected.

Good Luck

[lolly78]

Yes it is possible. I was able to modify my mortgage from 5.25% to 4.00% with BOA. You have to be willing to get behind on your mortgage, write a hardship letter and provide every piece of documentation they ask for and quickly. The process took about 6 months, then the first 3 payments were trial payments and you have to pay those on time or else they will cancel the whole thing.

[Johnworker1]

Thanks for all the submissions. A property value boom plus increase in wages (in 100% plan) took this off the plate for me.

[justbroke]

Thanks for all the submissions. A property value boom plus increase in wages (in 100% plan) took this off the plate for me.

@Johnworker1 please reread the forum rules regarding responding to old threads. Reopening and commenting on old threads is strongly discouraged without a good reason to comment.