Thank you for your question. I am happy to assist you.
If you do not pay the mortgage, the lender can foreclose on your property.
However, many lenders are taking drastic actions to reduce their bad debts and foreclosures. They have set up loss mitigation departments willing to make mortgages more affordable for those who are unable to pay their mortgages and to expedite workout plans.
That said, I am unaware of any lender that will voluntarily modify a loan that is performing. There is no incentive for the lender to modify a current loan. Typically, a loan will be sent to loss mitigation only if the borrower is behind in payments. Accordingly, you will want to consider falling 60-90 days behind on your mortgage before you approach the lender with a mitigation plan.
Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).