subject: Are there any Loan Modification Success Stories? [print this page] By doing a quick search of most major web search engines it seems the overall feeling is that there isn't many loan modification success stories out there. So, this leads one away from the notion of getting help from this avenue when dealing with a foreclosure crisis. This is sad because there really has been some great success with loan modification if people just look. People as a rule think that everything should just be handed to them. This seems to be the biggest problem with this whole issue. The process is involved and requires patience from you (the borrower). All good things take time. Another catch is also that some of the companies can fall under and so you should be diligent when picking a company to help so you to can join the others who have had loan modification success stories.
Some good news can come in the form of reduced principles on the actual original loan. This can be a great thing for the struggling homeowner. This is a permanent loan modification and actually takes money off the loan. Think of it as someone making a payment on your behalf. You may have to call around to a few places to get someone to give you this offer but it is worth the time. Who wouldn't a reduction on their principal payment amount?
Sometimes if no oneone will give you a principal reduction you can get a personalized interest rate reduction for a period of say 5 years to help alleviate the burden of high monthly payments. This will not be as desirable as the previously mentioned solution but can prove useful for most borrowers.
There is many services out there that are connecting people with lenders to help make their own loan modification success stories. The companies typically charge a small feefor their service. One such service is Fast Loan Modification Help. They will walk customers through the whole loan modification process and put them in contact with the right lender for their own personal needs.
Even still, it seems the banks are starting to loosen up their reigns a little and let more loan modifications go through. Some people have told loan modification success stories stating that their rates where dropped by almost half and their payments put on hold for 6- 12 months. They stated this was a better option to them than refinancing.
Nonetheless, it seems there is a lot of mixed signals surrounding the whole loan modification opportunity. The bottom line is this: How much time and effort would you be willing to put forth to save your home and credit?How much knowledge and persistence are you willing to put into it? The news todayis full of doom & gloom, banks failing, home values dropping and foreclosures abound. Even still, there is such a thing as loan modification success stories for those who take the task on as it isa patient and persistent effort.
Are there any Loan Modification Success Stories?
By: John Hughes
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