How Loan Modification Can Stop Foreclosure and Save Your Home
If you've been struggling to pay your mortgage, like many Americans have in these tough times, there is an answer that doesn't end in foreclosure or losing your home. Many people have been sacrificing everything in an attempt to make their payments and are losing everything in the process.
A procedure known as loan modification can help you to rearrange your payments, settle late fees, and get your mortgage back on track with little disruption to your daily lives. If you bought a home that you just couldn't afford, or if you've been laid off from your job or have had your hours cut, finding a qualified loan modification advisor can be a great way to save your home, and your financial life.
There are professional companies that handle the process of loan modification. They know the inside secrets to lending and financing, which allows them to get better deals from your bank or mortgage lender. They work with the lender to set up payments, eradicate late fees, and get your mortgage back on track so that it's affordable for you once again. You might not be able to find these deals on your own, which is why these companies are out there to help you. Loan modification can defer payments, split up payments, lower interest rates, eliminate late fees, and even cut the amount that you owe by changing the parameters of your mortgage loan.
This process is NOT the same as refinancing your home and it doesn't make the modification company the owner of your loan. Your mortgage lender will stay the same, and you don't have to have a certain credit score to qualify for this process. The company simply works on your behalf so that you can keep your home and avoid foreclosure, while having the same loan with the same company. When it comes to loan modification, you are simply changing the details of your mortgage, not getting a new loan.
You might think that you can contact your mortgage company and figure out ways to save your home all on your own. The truth is that you won't get nearly as many options if you do this. The lender looks at you as a consumer, and therefore thinks that you're not as informed about the details of loan modification as a professional would be. By having a professional handle the modification process for you, you'll end up with better payment options and a more affordable way to pay for your home. Don't give up on your dream of home ownership without checking into loan modification to see if your home can be saved.
A procedure known as loan modification can help you to rearrange your payments, settle late fees, and get your mortgage back on track with little disruption to your daily lives. If you bought a home that you just couldn't afford, or if you've been laid off from your job or have had your hours cut, finding a qualified loan modification advisor can be a great way to save your home, and your financial life.
There are professional companies that handle the process of loan modification. They know the inside secrets to lending and financing, which allows them to get better deals from your bank or mortgage lender. They work with the lender to set up payments, eradicate late fees, and get your mortgage back on track so that it's affordable for you once again. You might not be able to find these deals on your own, which is why these companies are out there to help you. Loan modification can defer payments, split up payments, lower interest rates, eliminate late fees, and even cut the amount that you owe by changing the parameters of your mortgage loan.
This process is NOT the same as refinancing your home and it doesn't make the modification company the owner of your loan. Your mortgage lender will stay the same, and you don't have to have a certain credit score to qualify for this process. The company simply works on your behalf so that you can keep your home and avoid foreclosure, while having the same loan with the same company. When it comes to loan modification, you are simply changing the details of your mortgage, not getting a new loan.
You might think that you can contact your mortgage company and figure out ways to save your home all on your own. The truth is that you won't get nearly as many options if you do this. The lender looks at you as a consumer, and therefore thinks that you're not as informed about the details of loan modification as a professional would be. By having a professional handle the modification process for you, you'll end up with better payment options and a more affordable way to pay for your home. Don't give up on your dream of home ownership without checking into loan modification to see if your home can be saved.
About the Author:
Loan Modification has become a method of stopping foreclosure and relieve homeowners of unaffordable mortgage payments. Mortgage Modification may be a great solution for struggling homeowners who owe more on their mortgage than their home is worth.
posted by Credit Counseling at
2:08 AM
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