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Loan modification problems – Secrets revealed to help solve loan modification problems

It’s unbelievable that many people who apply for a loan modification through the banks get denied. I’m not sure of why consumers are getting rejected for the modification. Nevertheless, there are other programs that can assist you with the whole process. I have provided you with three programs that will assist you with reducing your monthly payment.

Loan modification problems – Repayment plan – Secret 1

Ask for a repayment plan. Payments are increased to make up for the past due payments. You can make up these payments over a short or a long time. For example, if you are three months behind with a monthly payment of 400 a month, you can stretch out the $ 1200 over 12 months where you would pay an extra 100 a month on top of your regular payment.

Loan modification problems – Obama Plan-Harp-Home Affordable Modification Program – Secret 2

Look into the Obama Plan-Harp-Home Affordable Modification Program.

This plan is geared toward homeowners who are underwater in their loan. Harp allows you to rewrite your mortgage for a better interest rate and to convert from an adjustable rate to a fixed rate. For more information, go to

Loan modification problems – Obama Plan – Secret 3

You should look into the Obama Plan. In this plan, you are on a three-month trial period. During this time, you must make all your payments on time. Concluding the trial period, if there were no changes in your financial situation. The loan will continue to be modified at a reduced payment.

Moreover, during the trial period, any foreclosure will be suspended. Be advised that if you have good credit when entering the trial period, it could hurt your credit. The reason it could damage your credit is the lender is reporting a modification of the loan and not the original loan.

Lastly, talk to your bank and see whether they participate in these programs.  Just because you were denied from a loan modification does not mean that these programs cannot help you.  Research these methods and take action to get better terms and payments for your mortgage.


Mark Clayborne is a Certified Credit Consultant with ten years of experience assisting consumers with credit issues. If you liked this article, then please sign up to read the first chapter of The Credit Repair Book/HCRS and get a Free Restore your Credit E-class at This article may be freely reprinted or distributed in its entirety in any Ezine, newsletter, blog, or website. The author’s name, bio and website links must remain intact and be included with every reproduction.


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