Watch this informative loan modification video and learn how you can get your bank to give you a loan modification. While many people who do seek to get a loan modification are denied, a lot of people are successful getting their loan balance reduced, interest rate lowered, the loan recast, get a forbearance agreement, and a variety of other positive outcomes. In this video, mortgage expert Chick Donaldson explains the loan modification process.
Watch this 7 Minute Loan Modification Video
Mr. Donaldson begins the interview by explaining that a key to a successful loan modification is a good hardship letter, explaining to the bank why you can no longer afford to make payments on your loan. You’ll also need to show though how much you are able to pay – if you have no income whatsoever, or insufficient income, a bank will be unable to modify your loan on terms acceptable to them and will likely encourage you to do a short sale.