subject: Don't Gambel With A Home Loan Modification In Nevada [print this page] If you are falling behind on your house payments or are struggling to keep up with your mortgage payment every month, there is hope. You do have to resort to bankruptcy or foreclosure as your only options. The truth is by acting now: you open yourself up to options that will be gone when you start thinking about bankruptcy or foreclosure. Don't gamble with your Nevada home. Find out how you may qualify for the Loan Modification NV Program.
Due to the current economic disaster, Obama has made government funds available to help keep struggling home owners in their homes. This means that loan companies are losing less money, and in some cases none at all, to help you stay in your home. The less money the loan company loses the more likely they are to help you by changing the terms of your Nevada mortgage.
The Loan Modification NV Program does not reduce the principal of your loan, as a general rule. Instead the loan adjustment results in a reduced interest rate and increased the length of the term of payments. If you payment is not reduced enough by lowering the interest rate, then the payment is lowered even more by making the term of the loan longer and including more but much smaller payments. Of course this is done within reason, and 100 year mortgages are still unheard of.
The loan Modification NV Program is not a do it yourself project. First you will need to take the pre-qualification questionnaire. If you pre-quailfy, there is a very good chance that your Nevada loan modification will go through easily. A Nevada loan modification can take anywhere from 2 weeks to 3 months, or maybe longer. During this time you will get the assistance of a specialized loan negotiator who will help make sure all the paperwork is in the proper order before sending it to the loan company's loss mitigation department. They will also look for legal violations in your contract, which can serve as leverage when they bargain for better rates and terms. This Program is mostly set up to help those who are struggling to make adjustable-rate mortgage payments; however, other situations do qualify. Even if you are being threatened with foreclosure, it is worth trying to restructure your home loan. Just be sure to let your assigned negotiator know that you are close to foreclosure status.
If you have received a foreclosure notice, it's still not too late. If you still reside in the home you may have time to work out a loan modification with your lender. As tempting as it may be to accept defeat, there is still hope. Take action, explore your options, and leverage the time you have remaining to save your home. By trying to qualify for the Loan Modification NV Program, you demonstrate a good faith effort to work out a solution.
Once you have qualified for the Loan Modification NV Program, you will be on the road to securing the future of your home. You and your family will feel less stress and more peace in the comfort of your home.
