What to do? Loan MOd + Debt Managemnt

Your credit score does not matter when it comes to a loan mod. A loan mod is for many that are unable to refinance and are experiencing a hardship.

I'm not sure on how to direct you here.

What lenders like to see is what hardship has taken place? Are you out of it? Is it still going on? Do you have a plan to correct the situation?

As far as what to do first will depend on the sense of urgency. Are you behind on your mortgage? If so, how far behind?

If you're getting close to foreclosure status I would recommend working on the loan mod first.

We used to be a two-income household...but my wife is now unemployed and has not found even part-time employment. She is studying right now to become licensed in the field ofinsuranceand eventually in securities.

We are several months behind in our mortgage and we thought of doing debt consolidation to have add'l money for house payment .

is there a problem with doing both at the same time?

I'm not sure if there is a problem in doing both at the same time. I guess that could be an option.

Since you are several months behind I would definately start the loan mod process. Try working with your lending first. (and this comes from someone that works for a loan mod attorney) If you feel you're not getting anywhere with the lender after about a month. I would then look to a loan mod attorney for some help.

Loan mods consist of different things. It could be that your payment can be lowered and the amount that you are behind on will be added on to the balance. They can extend the term of your mortgage to help you get caught up.

I know alot of folks assume that they are probably going to raise your payment so you are paying the existing payment plus some toward the rears. That's not always the way it works out. If you cant make the payment you have now then how are you suppose to make a higher payment to get you caught up?

I would say given your situation with your wife loosing her job, you should have no problem getting your lender to work with you.

Please let me know if I can help you with anything else.

Yes do both together.
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Make sure you understand the process of loan modification before you call your lender, remember thy are not your friends. Use an experienced third party for help.
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