The loan modification process is actually a very multifaceted process. What I mean by that is, the entity that actually makes the decisions on loan modifications are not always made by the company that owns the loan. Instead it's actually the investors who own the mortgage back security that you loan is a part of that make the decisions as to whether or not to approve your loan modification.
The decisions are based on this factor, what is most "beneficial" - which mean how can they keep more money in their pockets and minimize their losses. This is why the typically result of a loan modification is just a rate reduction and they would prefer to keep you paying than going into foreclosure or committing to a short sale.
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Even though the borrower's circumstances make an impact on their decision, the lender really doesn't care what a foreclosure will do to the borrower's credit. This is exactly why it is recommended to use a loan modification expert to structure your loan modification and present a strong case to your lender.
If the home owner is upside down and has negative equity, then this will actually increase their chances for getting their loan modification approved, as the amount of equity or lack of is a crucial factor in determining if a loan modification is appropriate for the home owner. For a home owner to determine their equity position, they will need to get an idea of what homes are selling for in their neighborhood. They can do this by either contacting a real estate agent or using websites such as zillow.com, where the home owner can input their address and this site will show recent sales and active listings in the surrounding areas.
Adjustable rate mortgages coupled with other life events are almost a guaranteed loan modification, especially if the rate adjusted and caused the home owner to default. Adjustable rate mortgage are considered an extreme hardship and becomes a major factor when getting a loan modification approved.
If done correctly, a loan modification can prove to be a win-win situation for both home owner and lender. Many lenders have turned to loan modification as a means to protect their real estate investments.
It is not uncommon in today's market for the servicer to string along the home owner and tell them every thing is ok, when its not, before the home owner knows it, the sheriff is knocking on their door, serving them with a lis pendens that shows that their lender has filed a lawsuit and has started the foreclosure process. That is why I want to encourage home owners that are not educated enough to deal with this process to hire a professional loan modification company to assist them during these stressful times to ensure a smooth and quick loan modification.
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