On Thursday, August 27th, 2009, attorney Roy Oppenheim of Oppenheim Law was interviewed by Miami Herald reporter, Monica Hatcher regarding some helpful tips in obtaining a loan modification.
Posted on Sun, Aug. 30, 2009
Here are some tips to ease the pain of loan modification
BY MONICA HATCHER
Getting a loan modification is no easy task, especially if you go it alone. Banks, swamped with borrowers seeking help, are overwhelmed and understaffed. Homeowners complain of their files getting lost, months and months of waiting, and flat-out rejection, even when they have followed all the rules.
For those who are patient and diligent, the quest for a loan modification can be a highly rewarding endeavor. Loan payments can be reduced by hundreds of dollars each month, truly making them affordable and enabling owners to hold on to their homes.
Below are some tips to help get you started:
Q: Can I get a loan modification if I don’t have a job?
A: Yes. Borrowers who have lost their jobs may still be eligible for help. They need to demonstrate they have some kind of ability to make their payments, be it with savings or unemployment benefits. Maisah Williams, financial literacy coordinator with the Human Services Coalition in Miami-Dade, said lenders will consider the circumstances of your job loss and what the chances are you will be reemployed soon. They may offer you a forebearance plan, in which all or a portion of your monthly
payment is temporarily postponed.
Q: How are most loan modifications structured and how low can my payments go?