What Year Was Your Loan Originated?
If you received a home loan between 2002 and 2008 then you could be a prime candidate for a loan modification. But before you attempt a loan mod, you should first have your attorney seek a forensic loan audit.
Most loan violations occur in loans that were originated between 2002 and 2008. During that time many lenders issued high interest loans, refinanced loans, and ARMs - adjustable rate mortgages. Those types of loans are the most often problem loans for the homeowners because the borrowers end up not being able to afford them. The banks should never have issued those loans based on the borrowers incomes and ability to pay. That makes them bad loans.
That’s not to say that if you have a loan that originated in those years that you automatically qualify for a loan modification. Your loan is not necessarily bad because it was issued during this time frame. But the fact that your loan originated during that time puts you in a high risk category. If you think you may be headed toward foreclosure or you’ve been getting foreclosure threats from your bank then you should seek assistance from an attorney and request a loan audit. The loan audit will tell you if your lender has violated any applicable law and give your negotiating power in seeking a loan modification.