Can I get a loan modification if I'm delinquent on my mortgage?

Yes, it is possible to get a loan modification if you are delinquent on your mortgage in Pennsylvania. The process of loan modification is designed to help homeowners who are struggling to make their mortgage payments due to financial hardship. Under state law, mortgagors in Pennsylvania have the right to obtain a loan modification as long as they meet the requirements set by the lender. Generally, lenders will require you to provide documentation of your current financial situation, such as bank statements, tax returns, and proof of income. Once you have gathered all of this information, you can make an appointment with your lender to discuss a possible loan modification. During this meeting, you and your lender will discuss different ways to make your payments more manageable. This could include extending the length of the loan, reducing the interest rate, or altering other terms of the loan agreement. It is important to note that lenders in Pennsylvania are not required to grant loan modifications, even if you fulfill the requirements. However, most lenders understand that loan modifications provide a win-win solution for both them and the mortgagor. Loan modifications provide the lender with a lower risk, and can help prevent expensive foreclosure proceedings. For the mortgagor, loan modifications can provide much needed relief by allowing them to stay in the home and still have a chance to get current on their payments.

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Can I get a loan modification if I'm delinquent on my mortgage?

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