Mortgage Modification - Is It Right For You?
If you are having trouble keeping up with your mortgage payments
, and are worried that you will have to foreclose on your home, keep on reading to learn more about mortgage modification and how it can help you avert your crisis.Until recently few lenders would agree to a loan modification, but with the number of foreclosure at an all time high, they are more open to the idea. Mortgage modification has distinct advantages over other options, and millions of homeowners qualify for this option.
Mortgage modification is a very popular option among struggling homeowners who have not been able to refinance their mortgage. Loan modification or home loan modification is simply an agreement that reworks your mortgage so that you will be able to afford it. That can be done through various means; either through a reduction of the principle interest rate, or extension of the term of the loan. Your lender may offer you other options like a grace period, and may eliminate certain fees that you may have accumulated. Every case is unique, and your lender will decide what options will fit your needs.
When applying for a mortgage modification, unlike when applying for refinancing, your credit score won't be checked. You also won't need to fill out tons of paperwork, and answer any questions. For a mortgage modification, all that is usually needed is an application, a hardship letter explaining your financial situation, and a few phone calls to your lender's loss mitigation department.
Especially now with the Homeowner Affordability and Stability Act and the administration pledge of 75 billions dollars to help struggling homeowners a loan modification is a viable option that you might want to look in to.
If you are considering mortgage modification, you should really look into 60 minute home loan modification. It is a great resource that contains a lot of important information about the process of applying for a mortgage modification. It was created by a loan modification expert who has modified numerous home loans. The kit included a professional hardship letter outline, and one on one support in case you have any questions. It is a must have for homeowners.
by: David Pit
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