Must I be late on my mortgage payments to obtain a modification?

As you know by now lenders throughout the United States are modifying mortgages that are delinquent. While the process is not easy and their are certain requirements that must be met, if you have a legitimate hardship that has caused you to be unable to make your payments and your finances justify a reduction of your interest rate, lenders are modifying the terms of mortgages.



What happens if you are current on your mortgage, but have a high rate of interest or an adjustable rate mortgage. Well this is the topic and flash point of much debate in our society. We all were taught that if we worked hard and played by the rules, that we would have every opportunity to be successful in our society. But when it comes to a mortgage modification that principal does not apply. If you are in not in default at least three payments behind then most lenders will not agree to a traditional modification. Some lenders will modify your loan for a premium payment. That does make sense under certain circumstances.



What happened to basic fairness and the American credo of equal opportunity for all? It seems in the area of the mortgage crisis those values are not practiced. Because it is very difficult to get a modification with tout a hardship,i.e. bad health, lost employment, death in the family, failing finances, when it comes to modification everyone is not equal. This practice has led to people deliberately not paying their mortgage in order to lower higher interest rates or convert a adjustable rate mortgage to a fixed rate mortgage.



People who have skimped and saved and found a way to make their mortgage payments by cutting down their lifestyles are to put it bluntly screwed. Understandably they are fighting mad.

At E Mortgage Recovery, we never encourage a borrower to stop making their payments. That is unethical. But we can understand there desire to do so. If you are delinquent and have a legitimate hardship call us at 610-317-1501 ext. 108 and we will provide you with a free consultation.