subject: My Homeowners Advocate Homeowners Delight [print this page] My Homeowners Advocate is a loan modification company which is into the business of helping people from not getting their homes foreclosed. It has been in this industry for quite a few years and with years of dedication and commitment, it has been able to establish itself and build an enviable image which many few companies have been able to achieve in this industry. The company usually has clients or customers who seek its free advice and suggestions relating to monthly payments and interest rates. The company encompasses every aspect of real estate through its services. However, some of the more prominent ones that the company takes care of are short sale processes, short pay refinancing, and loan modifications.
Loan modification is a process which benefits the house owner or the loan borrower, and it could be implemented only when the lender understands the situation and is in agreement with the fact that the modification would indeed result in a better financial position for the borrower, which would result in prompt payments thereafter. A loan modification would usually have changes made to the financial reversal.
A financial reversal is an aspect which affects the ability of the borrower to make prompt payments in the future. The payment ability of the borrower could be affected by quite a few reasons. Some of them are a loss of job, large medical bills or expenses as a result of a prolonged illness or an accident. It is only under these cases that the lender would consider loan modification. If the lender feels that the borrower is not affected by the above mentioned circumstances and that the borrower is in a sound position to make payments, then he would probably not look into the prospect of loan modification.
Situations when the lender would not let loan modification happen is when he feels that the borrower who has lost his job has the potential or is more likely to find a new job for himself in the near future. If the illness or injury to the borrower is short term in nature, and if it does not require a longer healing or recovery period, then the lender would not take consider approving a loan modification process. And if the borrower has not been making payments in the past diligently, then he would not go in for loan modifications as he obviously doubts the intentions and integrity of the borrower.
