subject: Prevent Foreclosure with a Mortgage Modification [print this page] Author: MPetrone
Many homeowners are struggling to make their mortgage payments, this has lead to an all time high of foreclosures and loan defaults. However, many homeowners can prevent losing their home by getting a mortgage modification. Here is how a home loan modification can help a homeowner prevent losing their home.
Everyone situation is different, but many times, a homeowner is able to get a mortgage modification from their current lender or bank. Mortgage modifications can dramatically alter a homeowners loan and lower the payments to an affordable monthly rate. Loan modifications also allow homeowners who have missed payments the chance to add them to the new home loan and basically have a fresh start. Mortgages can even be extended in length to make the payments lower every month. Many options exist for people who are having financial, mortgage, or other problems with a mortgage modification.
Homeowners, especially these days, are able to prevent foreclosure by getting a loan modification. This will stop any pending foreclosures, and secure your homes future, while saving you money. Missed payments will be rolled into the new loan amount, interest rates can be lowered, and homes can be saved.
Getting a mortgage modification for yourself is not that hard. Homeowners will need to be able to verify their income, assets, debts, and expenses, as well as provide a letter of financial hardship. This letter needs to explain why your situation got this way, how you plan to prevent it, proof you can pay the new loan amount, and how important saving your home is to you. Do not make this a drawn out long letter, make it quick, serious, and to the point. This letter is crucial in helping convince the mortgage lender or bank that you truly need help, and your priority is with your home.
Many homeowners can prevent their home from being lost by getting a mortgage modification. Contact your lender or bank today and see what benefits a home loan modification can have for you.About the Author:
I have been underwriting mortgages for years. Recently, I got into a new business but I still wish to share my advice, tips, and industry inside happenings of the mortgage refinancing industry.
