Loan Modification Secrets: FAQ 6

http://www.60minuteloanmodification.com - LOAN MODIFICATION: IS IT RIGHT FOR ME? I have a free 60-Minute Loan Modification CD that teaches you how I modified 6 of my own mortgages and now teach others to do the same. Follow the link above.

DO I SKIP PAYMENTS DURING MY LOAN MODIFICATION?
Sometimes yes, sometimes no often you do have to miss payments before your bank will pay attention to your requests. With so many homeowners in distress, the banks prioritize those that are most at risk. This is a tricky situation, and its best if you refer to my chapter Do You Qualify in the 60 Minute Loan Modification workbook.
IS LOAN MODIFICATION A REPAYMENT PLAN?
No. A repayment plan takes your delinquent payments and breaks them into equal payments to be added onto the current mortgage payment. If you couldn't afford your payment before, how will you be able to afford it now with an additional payment on top of it? Loan modification literally changes your loan, fixes it, so its affordable and reasonable based on your houses real value and your real ability to pay.

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