At first glance, modifying your current mortgage seems like a quick and easy fix for your current financial problems and avoiding a Michigan foreclosure. Unfortunately, as you can read in this article it’s not as easy as you would think.
There are a number of factors that play into modifying your mortgage. The number one show-stopper that I hear from homeowners who have tried a loan modification and have turned down is their lack of income. While it may seem that more and more mortgage companies are willing to modify mortgages, they’re still not going to help you out if you don’t have sufficient income. Plus, as previously reported, nearly six out of ten troubled borrowers who are able to negotiate loan modifications re-default after eight months.
If you can’t make your mortgage payments and feel like there is no way out of your situation, call me immediately. You do have a choice.
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