Are you having
trouble paying your
mortgage payment?
Do
you have an
adjustable rate
mortgage or option
A.R.M. that has
adjusted upward and
now you cannot
afford the new
payment?
Are you
unable to refinance
into a better
mortgage loan due to
the fact that your
house has lost value
like most homes
across the country,
and you now owe more
on your home than it
is worth?
Have you
had a loss of job or
other income due to
these economic
times?
If you find yourself
in any of the
situations mentioned
above, a
Loan Modification
may be the solution
to your mortgage
problem. A
Loan Modification
is a process of
negotiating with
your lender to
obtain a better
interest rate, a
longer amortization
term (e.g. 40 years
instead of 30 years)
and although not as
common as some
modification
companies claim, in
some instances, a
principal reduction.
As mentioned, they
are not as common
but they do indeed
happen where the
bank actually writes
down some of the
principal amount.
A loan modification
is a permanent
change in one or
more of the terms of
a loan which will
reduce your monthly
mortgage payment
that you can now
afford allowing you
and your family to
stay in your home.
In many cases a
homeowner in need of
mortgage help will
qualify for a loan
modification if the
following are met:
·There has been some
sort of hardship
that occurred that
is the cause of you
not being able to
meet your monthly
mortgage obligation.
·
There is the desire
on your part to
remain in the home.
·
It can be
demonstrated that
once your loan is
modified and your
payments are lower,
that you will have
sufficient income
each month to afford
the new mortgage
payment.
