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Home lenders apparently, from authors experience, treating every modification like taking an application for a new loan.
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You have to have the exact right percentage of income to debt for some to qualify for a loan modification. Every lender seems to be making up their own rules as they go.
Apparently looking at odds of your continuing payments even under the new arrangement if they make one.
Odds are modification will be what will work for them, not what will work for you.
Odds if they offer modification, the first offer will not be the best offer.
They will take months, (from experience) and will require updated hardship letter, updated financial every month. They consider every month like a new application.
Soon they will ask for your, "this year" tax return, in addition to last year. May as well get it ready.
Reading through others stories, Not very encouraging.
Once you deal mentally and physically how it will work, with handling a "walkaway"
then you are not constantly crushed by panic and things not working out.
If options work out, fine, if not you are geared up to handle walkaway, which may be your best option, right off.
See no viable alternative in my seven under water homes unless lenders come up with viable option.
Gearing up and planning for making lemonade out of lemons if necessary.
Ball is in their court.
