rather modify the loan then loose it to foreclosure
2007-06-15 11:55:06 · 5 answers · asked by kimberly t 2 in Business & Finance ➔ Personal Finance
Well, it's your forclosure. They get your house, you get nothing. They didn't like your suggestion. they are under no obligation to retool the terms of the loan, but they will probably listen if you have a plan to catch up and continue with the original terms of the loan.
2007-06-15 13:59:56 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Are talking about a mortgage obligation? If you have equity in a home (the home is worth more than you owe) a lender might prefer to risk foreclosure than to modify the terms of the loan. They wouldn't "loose" the loan, they would "gain" the property.
2007-06-15 19:53:48 · answer #2 · answered by skipper 7 · 0⤊ 0⤋
Your lender has already checked into your financial status. When you signed your loan documents, you authorized them to run a credit check on you if they feel the need to do so. Their decision may well be based upon what they have found in your credit file. If they have adjudged that there is less chance of 'working with you' to obtain a reasonable fulfillment of your mortgage obligation than there is of taking you to foreclosure, that is their prerogative. Always remember that lenders are only concerned about their financial situations, and they take whatever actions they deem necessary to provide the best financial result for themselves.
2007-06-15 19:10:47 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
Depending on the equity you have, they may think they would be better off foreclosing. Your history on the account is another factor in that decision. Are you certain they understand your financial position? If they doubt you can afford the modified loan, they will not want to delay the inevitable.
2007-06-15 19:12:49 · answer #4 · answered by STEVEN F 7 · 0⤊ 0⤋
Try to find another lender.
What modification are you looking for??
2007-06-15 18:58:00 · answer #5 · answered by Barry auh2o 7 · 0⤊ 0⤋