subject: I'M Facing Foreclosure - Can I Get A Loan Modification Myself? [print this page] If you are one of the many American homeowners facing foreclosure, you are not alone. There are millions of homeowners that have already fallen victim to foreclosure and there are many, many more in danger of foreclosure.
One solution that has gained in popularity is the chance to get a loan modification. In essence, the bank may be willing to lower your rate of interest, extend your loan term, and even defer or eliminate part of your principal balance.
Why would they try to help a distressed homeowner facing foreclosure? It's simple, to save money. Also, The federal program, named Making Home Affordable, actually pays lenders to modify the loan terms of qualified borrowers.
Will they do this for everyone? No, but educated homeowners that approach the bank the right way will stand a much better chance of being able to get a loan modification.
How can a homeowner be sure that they are a good candidate? First of all, homeowners should learn everything they can about the application and approval process.
Should I pay someone to help me change the terms of my home loan?
Absolutely not! President Obama has encouraged all homeowners to work directly with their lender-noting that a loan modification is free.
The fact of the matter is this, distressed homeowners facing foreclosure can contact their lender themselves to get their payment lowered, BUT due diligence is HIGHLY recommended and will VASTLY increase your chance for success.
TIP - A good do it yourself handbook will teach you EXACTLY how to get your application approved, with easy to follow, step by step instructions.
What you will learn:
Interested homeowners need to learn about:
-The things you should NOT say.
A simple trick that makes it illegal (yes, that's right, illegal) for your lender to ignore your application.
Who may qualify & why you may qualify.
Requirements for approval.
Insider tips on how to work with and negotiate with your lender.
How you can get the person you NEED on the phone to help get a loan modification.
The ABSOLUTE number 1 thing lenders want to know.
All the necessary forms and HOW to COMPLETE THEM PROPERLY to ensure success.
Many of the banks will help homeowners that need relief, but you need to make sure you approach the bank the right way. Knowing the correct way to prepare the application & qualify can mean the difference between keeping your family in your home or foreclosure.
I'M Facing Foreclosure - Can I Get A Loan Modification Myself?
