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| 5 Reasons You Should Do A Loan Modification Now!| 1773469 | Michigan | | 601554 | -- | | $Unspecified | -- | | | 947 | 29 days | |
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Some may ask "what is a loan modification?" It is restructuring your current mortgage loan terms with your lender. This is not a refinancing and can be done even if you are behind on your current payments regardless of your credit situation. Simply put, it is the most effective tool you can use if you are behind on your mortgage and in midst of a financial hardship to avoid foreclosure.
Here are some reasons you should consider a loan modification:
1. Are you behind on your mortgage because you are in a bad loan and want to lower your mortgage payment (interest rate) and cannot refinance (bad credit, no equity, or whatever the case might be)?
2. Does your adjustable rate mortgage continue to go up?
3. Is there a temporary hardship such as loss of job or income, illness, business failure, etc., keeping you from making payments?
4. Do you owe more than your home is worth?
5. Have you tried to refinance and can’t?
If you answered yes to any of these questions then you could benefit from a loan modification. The mortgage loan is restructured so that it is affordable and can fit into your budget rather than being an overwhelming monthly drain on already tight finances. At Loan Modus our Attorney can negotiate a successful mortgage loan modification on your behalf with your bank that could save your house from foreclosure. Also with President Obama's foreclosure relief plan, which allocated funds to encourage banks and lenders to modify existing mortgage loans into lower interest rate loans, will allow homeowners to continue making payments and stay in the home. Principal reductions are rare, but they do happen where the bank actually writes down some of the principal amount. This process requires an agreement between the homeowner and the lender on the terms of the loan which will allow both parties to become better off after the transaction. The homeowner will need a desire to keep the home, experienced a financial hardship, and be able to continue making lower payments. Lenders/servicer does not want another house to enter foreclosure, especially with all of the recent government incentives assistance. As long as the homeowner can still make payments on the loan, the lender would be willing to work with him/her to prevent a foreclosure. The requirements are to make sure that the deal makes sense. It comes down to what is bad or worse for the lender, but as a general rule, it is always better to let the homeowner keep his/her home and not take the house back. I would urge you, if you are behind on your mortgage and do not see any relief in the near future, you can benefit from a loan modification process. You really need to act now since time is of essence and not on your side.. Visit Loan Modus on the web today and find out more about this process and let our attorney start working on your behalf today. You can do your own modification and there are free services that exist also through HUD but if you run into problems, please give us a call we can assist you. Call 800-581-3573 | | | | |
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