If you have missed a mortgage payment or if you are more than 60 days past due, you may be heading for troublesome waters and even a possible foreclosure. The delay in making the payment will reflect badly on your credit score rendering you ineligible for refinancing. In such a situation home loan modification may be the only way to save your house.Today most lending institutions are not keen on foreclosure simply because they have to spend on...more
If you are one of the thousands of homeowners facing the risk of foreclosure there are several recourses in front of you. You could short sell your home, accept foreclosure as an imminent fate, consider refinancing or opt for home loan modification. Of these mortgage modification is by far the most feasible solution that can not only help you to save your house but will also bring down the amount of your monthly mortgage payment.When you approach...more
With unemployment rates rising to unprecedented levels and the number of foreclosed homes skyrocketing, mortgage modification seems to be the only reprieve in sight for home owner's trying to save their homes. Even though refinancing is also an option, in this day and age of uncertainty weary lending institutions are demanding nothing less than the prefect credit score. However, even if you have missed one mortgage payment you will not be eligible for refinancing in which case modifying your home loan will be your only optionWhat is home loan modification?It essentially implies renegotiating the terms of a loan which may even involve a rate modification in such a way that the monthly mortgage payment is brought down or the borrower may also expect some amount of the loan and/ or penalty to be written off.Are you Eligible?To determine your eligibility, you will be asked to submit certain documents that will help the lending institution verify your claims of financial hardship. Any situation that has caused a dramatic reduction in your income may act as the reason to seek mortgage modification. So if you have been through a divorce or if a family member has passed away, these too...more
A good home loan modification letter should include three crucial elements. These three crucial points will help you to arrange your mortgage modification hardship letter in such a way that it will include all the necessary information and get you the desired results. So when you are drafting a home loan modification hardship letter include the...more
With the number of foreclosures on a step rise many how owners want to know about the various options available that can help them to save their homes. One of the most potent and effective solutions to prevent foreclosure is home loan modification.Mortgage modification involves a permanent change in the loan terms of the borrower. This can include...more
Most lending institutions like Citigroup, Country Wide and Wells Fargo are now offering their customers the chance to save their homes by availing the benefits of home loan modification. Mortgage modification is a very potent and realistic solution that can not only help to save the homes of thousands of home owners across the country but it is also a good way to tackle the sub prime crisis and the other issues marring the economy.Home loan modification programs help home owners who cannot meet their mortgage payments due to financial adversities. Foreclosure is certainly not a lucrative option for lending establishments given the fact that the real estate market has hit rock bottom and there simply aren't any buyers in the market. So mortgage modification is a more viable solution where both parties stand to gain, the bank can recover most of its principle while the borrower gets certain rebates that make mortgage payments more affordable.When you secure a home loan modification there are two ways in which the monthly payments are reduces by either bringing down the interest rates or by increasing the tenure of the term.Au contraire to popular belief you can apply for a home loan...more
With the recession still looming large several people across the country are literally leading a hand to mouth existence living from pay check to paycheck. Need less to say, making their monthly mortgage payments is turning into a task for most...more
Homeowners who are facing the threat of foreclosure know that it is akin to living a nightmare. It can best be described as a slow and agonizing torture where you have to spend months speculating about the fate of your home. The process is so arduous...more
With the number of foreclosures touching unprecedented highs each month, home owners are desperately seeking options which may help them to save their homes. One such option is a home loan modification. Even though the requirements for securing a...more
It is common knowledge that numerous people across the country are opting for home loan modification to avoid foreclosure. However, most people who apply for mortgage modification fail to realize that their hardship letter will be an extremely...more
If you are faced with the prospect of a foreclosure there are only two options in front of you to prevent the situation: refinancing or modifying your mortgage. Of the two, mortgage modification is a simpler and cheaper way of avoiding foreclosure....more
How to determine whether to refinance can seem big and confusing, but in reality when broken down into simple facts it is all just simple math. Take the time to write down all the math you do and it will be easy to see in front of you whether it will...more