A Loan Modification is a permanent change in one or more of the terms of a loan allowing the loan to be reinstated resulting in a lower payment that the borrower can afford. In most cases a homeowner in need for mortgage help will indeed qualify for a loan modification.
To ensure you are a good candidate for a loan modification, please read these important facts:
* A loan modification is instituted when the original loan that was made by a homeowner has terms that make it impossible for the home owner to continue making payments, thus risking the home going into foreclosure
* Loan modifications stop the foreclosure proceedings and instead reinitiate the loans as the modification process continues
* Loan modifications are not the same as refinancing. In a refinancing, the homeowner applies for a new loan and the old loan is thrown out.
* Loan modifications are not the same as debt consolidations, instead they are long-term solutions meant to create a permanent solution that allows homeowners to stay in their home and save their home from foreclosure
Banks are actually interested in working with homeowners and their loan modification specialists, below are more facts that you need to know.
* All of your past due mortgage payments, principal, interest, past due escrows, late fees may be rolled into the loan modification thus preventing the lender from losing that money. Since the money is spread over a longer period of time, homeowners will be able to continue to make payments and save their homes as well.
* Loan modifications may use a step up rate approach or an extended mortgage term to enable the repayment of the mortgage amounts due and any past due funds. The lower payments enable the repayment of the loan to the bank and allow the borrower the added time of being able to miss mortgage payments and “get back on their feet”.
* A modification protects the FICO credit score of a borrower and it also helps banks because they don’t have foreclosed homes that they have to worry about or try to sell those homes
* Foreclosure is avoided when a homeowner opts for a loan modification and the banks are doing everything they can to avoid foreclosures because it’s so difficult for them to sell the houses on the open market, and as a result will lose a lot more money than if they do your modification.
If you think you qualify, Act Now!
You would be considered a good candidate for a loan modification if you meet any of the qualifications below. To get started, give us a call at 954-501-6184
* Your monthly mortgage cannot be paid because you underwent any sort of financial hardship (loss of job, pay reduction, increase in mortgage payments)
* You have an Adjustable Rate Mortgage or interest rates that are above 8%
* The home for which you are seeking to obtain a loan modification must be your primary residence.
* You owe more on your house than the home is worth you are “underwater” on your mortgage
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