Loan Modification

A loan modification is simply a process of modifying the existing loan made by a

lender in response to a borrowers long standing failure to pay back the loan that was borrowed. Loan modifications involve the following: i. Reducing the interest rate on the loan that was borrowed ii. Extension of the duration of the term on the borrowed loan iii. Giving a totally different kind of loan iv. A combination of the three

CDA Law Center is a highly reputable law center where you can get the best legal advice regarding loan modification. CDA Law Center is a company with qualified and experienced people who know the most effective methods of getting around the lenders barriers in order to get you positive results they will also push the lender to get you the very best terms. If you are looking for a foreclosure prevention specialist that will take your case seriously, then you should contact CDA Law Center. It is not uncommon to find clients confusing loan modification with forbearance agreement these two are totally different agreements. Loan modifications are a long term permanent solution for any borrower who has shown an inability to repay his or her existing loan. A Forbearance agreement is a short term solution to any property owner who is presently going through a temporary financial hardship. You must understand that CDA Law center is a legal center where highly experienced paralegals, case managers, former underwriters, attorneys and analysts put together all your information and conduct a detailed financial analysis in order to determine if you qualify for a loan modification not everyone is eligible for loan modifications.

There are a lot of reasons why a loan modification will work for you. If any of the following applies to your present situation, then you are definitely an eligible candidate for this option: If you are unable to refinance due to loss of equity, when you owe more than the property itself is worth. If you are unable to refinance, caused by lack of positive credit or late payment of mortgage. If the rate is currently adjusting or is in the process of adjusting. If you are facing foreclosure. If you have suffered financial hardship: Pay cut Job loss Medical bills Divorce or separation Rising bills Death of spouse or family member If you have a Minimum Payment Interest or Pick-A-Pay only loan

Yes, you can attempt to get a loan modification all by yourself, but be warned, it is a very tasking process and many people often fail and lose their home. You really cannot afford to tighten the purse strings if your situation can lead to a foreclosure on your home. A reputable company like CDA Law Center can effectively navigate through all the protocols and meet with the decision maker with utmost efficiency and alacrity. Remember, when time is not on your side, leave it to the professionals.

by: Mark Richard

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