A Loan Modification is a permanent change in one or more of
the terms of a loan allowing the loan to be reinstated resulting in a lower
payment that the borrower can afford. In most cases a homeowner in need for
mortgage help will indeed qualify for a loan modification.
To ensure you are a good candidate for a loan modification, please read these
important facts:
* A loan modification is instituted when the original loan that was made by a
homeowner has terms that make it impossible for the home owner to continue
making payments, thus risking the home going into foreclosure
* Loan modifications stop the foreclosure proceedings and instead reinitiate the
loans as the modification process continues
* Loan modifications are not the same as refinancing. In a refinancing, the
homeowner applies for a new loan and the old loan is thrown out. A loan
modification is much cheaper and easier to qualify for
* Loan modifications are not the same as debt consolidations, instead they are
long-term solutions meant to create a permanent solution that allows homeowners
to stay in their home and save their home from foreclosure
Banks are actually interested in working with home owners and their loan
modification specialists, below are more facts that you need to know.
* All of your past due mortgage payments, principal, interest, past due
escrows, late fees may be rolled into the loan modification thus preventing the
lender from losing that money. Since the money is spread over a longer period of
time, homeowners will be able to continue to make payments and save their homes
as well.
* Loan modifications may use a step up rate approach or an extended mortgage
term to enable the repayment of the mortgage amounts due and any past due funds.
The lower payments enable the repayment of the loan to the bank and allow the
borrower the added time of being able to miss mortgage payments and “get back on
their feet”.
* A modification protects the FICO credit score of a borrower and it also helps
banks because they don’t have foreclosed homes that they have to worry about or
try to sell those homes
* Foreclosure is avoided when a homeowner opts for a loan modification and the
banks are doing everything they can to avoid foreclosures because it’s so
difficult for them to sell the houses on the open market, and as a result will
lose a lot more money than if they do your modification.
If you think you qualify, Act Now!
You would be considered a good candidate for a loan modification if you meet
any of the qualifications below. To get started, click on the link to the left.
* Your monthly mortgage cannot be paid because you underwent any sort of
financial hardship (loss of job, pay reduction, increase in mortgage payments)
* You have an Adjustable Rate Mortgage or interest rates that are above 8%
* The home for which you are seeking to obtain a loan modification must be your
primary residence.
* You owe more on your house than the home is worth you are “underwater” on your
mortgage
Nationwide Mortgage Modification Providers
We have served clients in all 50 states and can serve you and your family
with a loan modification in every state:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut,
Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois,
Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts,
Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New
Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio,
Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota,
Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin,
Wyoming.
