subject: Do It Yourself Loan Modifications - Learn The Ropes And Force The Bank To Say Yes [print this page] Many people got sucked into the real estate bubble. They got hooked into buying a bigger home than they should have. Many thought they could sell at a profit. Some didn't move up in the market, they stayed where they were and refinanced. Who would have guessed there was an impending recession which would make it difficult to make house payments. If that weren't enough, home prices fell and nobody could sell high enough to pay off their loans. If you find yourself in this situation, what's the answer?
Don't lose hope. Banks are willing to modify some home loans. They have built their own guidelines as to which loans they will and wont do. If you can make your payments, don't count on getting your loan modified. The fact that your loan is worth more than your home is not a good reason to modify your loan. Don't forget you asked for the loan and told them you could make the payments.
You'll need a good reason to explain why you are having trouble making the payments. Did your work situation change? Was there a medical emergency? Any of these could be used to get the bank to lower your payments.
There are tons of reason the banks will accept if you know how to present them. There are things you probably wouldn't even consider that makes sense to bankers. This is why you must learn all you can about loan modifications.
Banks sometimes lower the payments for up to 5 years if it appears as though the borrower can make those payments on time. Later they might increase the payments but often they will fix them for the rest of the loan.
Be careful, your home is your largest asset. Homes in America are generally worth at least a quarter million dollars. Don't screw it up.
You can get a loan modification course over the Internet. The more you understand the loan modification process, the more likely it will be that you will save your home. If you don't know what you are doing, you might as well send the keys in and save yourself some time.
Do It Yourself Loan Modifications - Learn The Ropes And Force The Bank To Say Yes
