MidAtlantic Loan Solutions, Inc.

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When should you seek a loan modification?

A loan modification is used basically in four
different situations.

First, if you are behind on your mortgage, and you want to keep your home, and you can afford a reasonable mortgage payment for the value of the house now, then it is likely that a loan modification will work for you.

Second, if you have an adjustable rate mortgage with a payment that is about to increase, or has increased, a loan modification will likely work for you.

Third, if you have an option arm, a loan which gives you different options for payment, you should seek a loan modification. Generally these loans, because of their nature, create problems that a loan modification can fix.

Fourth, if you are "under water", in other words, if the current value of your house is less than what you owe on your mortgage or mortgages.