How loan modification concept works?

[Greg Orlando]

Any one know about the whole procedure about mortgage loan modification? What really they do? So that could learn few important information about them before getting help from them. My cousin is having problem with his loan, seems he need some help now.

[Qtip]

Loan modification usually requires some sort of default, so if he is behind on payments, he should contact his lender and request a modification. The lender then takes it from there.

[Greg Orlando]

Quote:

Originally Posted by Qtip Loan modification usually requires some sort of default, so if he is behind on payments, he should contact his lender and request a modification. The lender then takes it from there.

Yes he is behind on payments. I suggested him to do the same and he has meet with his lender and lender is unwilling to modify it so the last hope now is to go for another lender who will make the payment for him and my cousin will pay him later. What do you think about it? IR is high here.