Skip A Mortgage Payment

Recently i read a bad article about not skipping payments and just calling your lender to get a loan modification. The problem here is lenders will flat out say that you aren't struggling because you haven't missed a payment - so why should they help you. No i am not the governor of New York, No i dont think loan modifications are a scam..

With ample talk of loan modifications, underwater mortgages and rampant home foreclosures -- and with over six-million jobs lost during the past 17 months, according to the U.S. Department of Labor, the temptation to skip a mortgage payment may never be higher.

Why? If you’re unemployed, or suffered a health scare that’s swallowed up your cash, taking a one-month break from your mortgage payment responsibilities might give you some breathing room.

And, true enough, skipping one mortgage payment won’t get you thrown out of your house. Some banks, like JP Morgan Chase (Stock Quote: JPM) and Bank of America (Stock Quote: BOA), are even making mortgage loan “freezes” part of their loan modification programs

For Loan Modification News be sure to visit our sister site loan-deals.com