Open Question: Will a bank help you if you are not behind on payments?

[Administrator]

I am not behind on my mortgage, but my expenses are slightly higher than what I bring home monthly. This is due to circumstances beyond my control with a rental property I have in addition to my home I live in- (Tried in the past 2 years to sell the property 3 times, did not sell and tenant moved and unable to rent out for 11 months). Anyway, I have been using my savings money to pay the other mortgage, while using my wages to pay my mortgage and bills. My expenses are more than my income and the banks refuse to help me. I really do not want to fall behind just because I feel like it, but because the expenses are more right now and I do not know how much longer they will be, I would like a lower payment. (wouldn't we all? The economy is not good right now so refinancing is not a good option since I do not have enough equity in the home. Is there anyway the bank will help me- has anyone had a good experience and what did you do? Or is there no hope and I should just deal with it for the time being?

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[chris]

That is a tough question. When you say the banks refuse to help you, are you referring to your existing lenders or banks that you are trying to refinance with? If you think that you may reach a point where you can't afford one or both payments, contact the bank now. Banks hate surprises. There is a lot of pressure on banks to re-structure loans vs. foreclosing. There are a number of ways the bank can restructure your loan.

good luck

chris

[NESG]

If you need a loan modification the answer will be NO. It's crazy to think they wouldn't want to help BEFORE it becomes a problem, but a lender will never modify your loan if you are current with payments. It's not a problem for them, regardless of how much of a struggle it may be behind the scenes for you.

In most cases if you have a loan modification review in progress, and you bring the loan current, even if its only for one day, the review will be immediately closed. The result is starting all the way at the beginning again, and another 30-90 days in review.