How Loan Modification Can Stop Foreclosure and Save Your Home
If you've been struggling to pay your mortgage, like many Americans have in these tough times, there is an answer that doesn't end in foreclosure or losing your home. Many people have been sacrificing everything in an attempt to make their payments and are losing everything in the process.
Loan modification can help you get back on track with your mortgage, by changing payment schedules and even eliminating penalties and fees to make your payments more manageable. If you've been laid off from your job or have lost hours, you need to find a way to keep your home so that your family has a place to live. Even if you just bought something that was more than you could afford, checking out the process of modifying your home loan can be a lifesaver.
Loan modification is a process conducted by a professional company. They contact your bank or lender and work with them to eradicate late fees, set up payment schedules, and get your mortgage back on track. By knowing the inside secrets of the lending industry, these advisors can often get deals and programs for you that you might not be able to find on your own. Using the process of modification can lower interest rates, split up payments, defer payments, and even eliminate fees and penalties that you have accrued as a result of not being able to pay your mortgage on time, or at all.
The loan modification process is NOT a refinancing loan for your home, nor does it transfer the ownership of your loan to another company. Modification advisors simply work with your lender on your behalf to find solutions to your mortgage payments that work for you. You don't have to have good credit or any credit really, because you're not getting a new loan. When you work with a loan modification company, you are simply changing the way that you pay your mortgage loan.
Although many mortgage companies encourage people to contact them directly, you're likely to be turned away or denied certain options that a loan modification company could get for you. As a consumer, the lender looks at you as less informed about the lending industry, and therefore doesn't offer you the deals that they might give to someone who knows more inside secrets. You should never just throw in the towel and let your home get taken from you. You need to check out all of your options, including loan modification, and try to save your home in every way possible first.
Loan modification can help you get back on track with your mortgage, by changing payment schedules and even eliminating penalties and fees to make your payments more manageable. If you've been laid off from your job or have lost hours, you need to find a way to keep your home so that your family has a place to live. Even if you just bought something that was more than you could afford, checking out the process of modifying your home loan can be a lifesaver.
Loan modification is a process conducted by a professional company. They contact your bank or lender and work with them to eradicate late fees, set up payment schedules, and get your mortgage back on track. By knowing the inside secrets of the lending industry, these advisors can often get deals and programs for you that you might not be able to find on your own. Using the process of modification can lower interest rates, split up payments, defer payments, and even eliminate fees and penalties that you have accrued as a result of not being able to pay your mortgage on time, or at all.
The loan modification process is NOT a refinancing loan for your home, nor does it transfer the ownership of your loan to another company. Modification advisors simply work with your lender on your behalf to find solutions to your mortgage payments that work for you. You don't have to have good credit or any credit really, because you're not getting a new loan. When you work with a loan modification company, you are simply changing the way that you pay your mortgage loan.
Although many mortgage companies encourage people to contact them directly, you're likely to be turned away or denied certain options that a loan modification company could get for you. As a consumer, the lender looks at you as less informed about the lending industry, and therefore doesn't offer you the deals that they might give to someone who knows more inside secrets. You should never just throw in the towel and let your home get taken from you. You need to check out all of your options, including loan modification, and try to save your home in every way possible first.
About the Author:
Loan Modification has become a method of stopping foreclosure and relieve homeowners of unaffordable mortgage payments. Mortgage Modification may be a great solution for struggling homeowners who owe more on their mortgage than their home is worth.
posted by Credit Counseling at
2:43 PM
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