Yahoo Answers Luke Question:

Answer:

Great Question. No you do not have to be behind on your payments….. but it sure helps. Even 30 days behind can be a miracle worker for you if you’re trying to get a Loan mod.

You’ll have to make a good case to your bank as to why you deserve a Loan Modification when you are current on your loan. In the banks eyes they are just giving contracted money away. When you are late the ball game changes. They bank is now faced with the prospect of incurring additional manpower and expense to begin the collection process so all of a sudden it becomes more important for them to at least consider a loan modification.

You’ve really got nothing to loose by applying for a loan modification so go for it… see what they say. The worst your bank can do is say no. If you keep making your payments then you’re no worse off and you could be a lot better off – so just ask.

Also you may want to know that professional services exist that can assist you with your loan modification as well. Unless you are well versed in negotiation strategies and real estate law you may want to consider checking into that option. They do cost some out of pocket money but in most cases they are well worth it.

If you’d like more information on this subject check out my blog “All About Loan Modification” at https://surefast.wordpress.com.  Also check out our website at SureFastLoanModification.com.