Can you modify your mortgage when your current with payments?

my loan is neither with Freddie or Fannie so I don't qualify for Obama's Home Affordability Plan either...Can you modify your mortgage when your current with payments?
This is a very common question among homeowners. They hear of their neighbor or friend getting their loan payments reduced in half and wonder how they can get on that same gravy train.





The simple answer is no, if you are current, the bank has essentially no incentive to reduce your rate. However, if you have experienced real legitimate hardship. Loss of a job, medical emergency etc. The bank may work with you on a month to month basis. i.e. accept partial payments until you become gainfully employed again, and then repay the unpaid portion. Of course, everything will require documentation.





If you intentionally default then yes, you may be eligible for a loan mod, but chances are if you are simply not paying your mortgage by choice and not out of necessity, the bank will play a game of chicken with you and most likely foreclose. Again, even with mortgage lates, you need to prove a legitimate hardship. Never mind that this method will destroy your credit. Kiss getting another mortgage for while goodbye.





here is a link to a more detailed description of who does and does not qualify for a loan mod: http://www.bankapedia.com/mortgage-encyclopedia/faqs/340-am-i-eligible-for-a-loan-modificationCan you modify your mortgage when your current with payments?
it could be ... all mod's are on case by case basis and while its not 100% that they will do it ... you could .... for example if you have a 7.75% rate and rates are around 5% today .... they may give you a lower rate ... but think of if from their perspective ... they have you making payments on time and at a high rate of interest .... why would they stop that .... its cold i know, but its business.





and it sounds like you've already checked out


www.makinghomeaffordable.gove
any changes have to be approved by your mortgage company,so if you are current, zero chance of changing anything