Will My Mortgage Company Modify My Loan Even If I Am Not Late On My Mortgage Payments? Most mortgage companies and banks will not want to speak with you until you are behind on your mortgage payments. I know a person that is going late on their mortgage on purpose just because they will not talk to him. I do not advise just stopping payment to your mortgage company. In the instance I was speaking about earlier is in regards to a gentleman who has a $6000 a month mortgage payment that they can see that they will not be able to make in the future due to a job loss. He can see the future coming straight at them.
Contact Your Bank Before You Are Late On Your Mortgage
It is wise to contact your bank before you are late on your mortgage payment. Some banks and lenders do have policies that allow for a loan modification to be completed even before a late payment has occurred. If you are in an arm or have an option arm you may be eligible for an automatic loan modification. You would just need to contact your lender about this. I would not make any assumptions about loan modification until you have all of the information.
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