In 2008, over 3 million unsuspecting homeowners received a foreclosure notice. Many simply did not do what was required to stop foreclosure and they lost their homes. It’s expected that another 3 million notices will go out in the next 12 months.
Have you received a foreclosure notice due to a financial hardship? Is your mortgage more than your home is worth? Are you finding it virtually impossible to afford your hosue payments?
If so, the great news is you may be able prevent foreclosure and reduce your monthly payment by filing a mortgage modification request.
What is a Loan Modification?
A mortgage modification is a restructured agreement between the borrower and lender with revised terms and interest rates. Mortgage loan modifications can be the perfect solution to stop a foreclosure for homeowners who are find themselves on the brink of foreclosure due to financial hardship.
Do You Qualify for a Loan Modification?
Perhaps you lost a job, got slammed with unexpected medical expenses, or your original adjustable rate loan skyrocketed so you can no longer afford the monthly obligation. You’ve made every effort to pay the bills and save your home from foreclosure, buy you have trafically hit upon unfortunate times and now find yourself bordering on the brink of bankruptcy.
A mortgage modification may be difference that makes all the difference!
Every lending institution has their own mortgage modification qualification standards. Here are the most common:
* The home is your main residence
* You’ve experienced hardship or a change in financial circumstances
* You’ve missed 2 or 3 payments
* You have not filed bankruptcy yet
* You are not defaulting to get a loan modification
* You are willing to be honest, and provide all necessary paperwork
If you have not yet missed a payment you may still qualify for a loan modification and stop a foreclosure if you can prove you are on the edge of disaster. Meaning, due to circumstances, you will eventually default on your loan if you don’t get some immediate financial relief.
How to Lower Your Payments Now!
- Loan Modification Programs Are A Boon - Loan modification programs are a way of solving financial problems. They can for example help you lower your payments and do so without needing to apply for refinancing. In addition, these programs ensure that you will not have to pay late fees and they also help you obtain more attractive interest rates. If you are ...
- Three Different Ways To Stop Foreclosure On A Home - Once a bank has started foreclosure proceedings, it is difficult to get them stopped. However, there are three different ways that it may be possible to stop foreclosure on your home. Those three ways are refinancing, bankruptcy and loan modification.
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- How To Get Your Loan Modification Approved - If you want to improve the chances of getting your loan modification approved, we’re going to go over a few tips to do that. You can increase your chances of success by using some of these little known secrets. Let’s get into the mortgage loan modification insider tips.
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