An important part of the loan modification process is that a person is still going to need to work with making mortgage payments. It is true that the foreclosure process can be stopped when a loan modification is being applied for. However, the payments that will be owed for a mortgage will still be required while waiting for a loan modification to work. It is something that most people forget about and should be considered in the process.
When a mortgage is being handled the person who is dealing with the loan should be working on making all of one's payments. This is needed because the lender is going to continue to charge a person with regards to payments when dealing with a loan modification.
The lender is going to work to see if a mortgage loan can be modified. However, the lender is still going to work with charging a person. This is because of how a lender may not guarantee that a loan modification can actually work.
The big thing about a loan modification is that it can be used to stop a foreclosure from happening. When a person applies for a modification the foreclosure process that one is in will have to be stopped. This is so the person can have an easier time with waiting to see if the terms of a loan can be altered. Just because the foreclosure process is going to be stopped during the loan modification process does not mean that a person will have to avoid being charged with monthly payments.
This does not mean that a person has to work with all of these payments. The payments should only be made if the person getting them is actually able to afford making them. The late fees that can be added when current payments are not being handled during the application process can be waived off in a modification. However, it may help to pay off one's mortgage payments on a regular basis during this process.
A great part of working with a loan modification is that a person who makes payments while waiting for an approval can be more likely to get better terms. This is thanks to how less money is going to be involved in one's mortgage if the payments are actually made. This is done because a lender will be more likely to give a person better terms on one's mortgage. Paying off these payments is optional but it will help to do it.
This is a helpful thing to watch for when dealing with a mortgage loan. A loan modification may be useful but it will not keep a person from dealing with payments on a loan while waiting to see if the modification can work. However, the person who owes the money does not necessarily have to pay off these payments if that person is financially unable to work with them. It will help to be prepared for these payments when working with a mortgage loan modification.