Stop Your Foreclosure In Its Tracks
Are you getting default notices on your mortgage, daily collection calls, or you know you won't be able to pay your mortgage soon? If so, do something about it. The optimal choice for you if refinancing is not an option is a loan modification. Mortgage modification is a permanent change to the terms of your mortgage with the purpose of lowering the monthly payment to an amount that you will be able to afford. That is done either through a reduction of the principle interest rate, extension of the term of the loan, elimination of accumulated fees, a grace period to get your finances in order, or a combination of all available options.
More than ever lenders are approving mortgage modifications. If you have a real hardship, you will most likely qualify. If you lost your job, had a divorce, death in your family, or had unexpected expenses which are hindering your ability to pay your mortgage, you should also look into loan modification.
Besides making financial sense, a mortgage modification has many advantages over other options. Unlike foreclosure where your credit score will take years to rebuild, a loan modification does not affect your score. On the plus side a loan modification will show banks and credit card companies that you repay your debt, and as a result your credit score will increase. Loan modification can be also preferential to refinancing. Because you're modifying your loan you won't have to go through the tons of paperwork that is required when you're applying for a new loan. Plus with banks not eager to lend to the public, a new loan is hard to come by.
If you do decide to modify your loan, you need to decide if you want to hire a firm or do it yourself. Firms usually charge thousands of dollars for their services, and many were create by people looking for a quick buck. Also most firms will take the first offer the lender gives them which most of the time is not anywhere close the best deal they can make. On the other hand homeowners who choose to do their loan modification themselves, do not know the subject to well and sometimes are taken advantage off.
The best solution is to get a do it yourself loan modification kit. One such kit is 60 Minute Loan Modification. It was created by a loan modification expert who modified numerous homes for himself and his clients. It provides all the forms, show you how to write a professional hardship letter outline that will get your lenders attention, and even has a taped conversation of a lender talking to a borrower so you can hear exactly what you should and should not say to ensure you end up with what you wanted. It has everything you need.
More than ever lenders are approving mortgage modifications. If you have a real hardship, you will most likely qualify. If you lost your job, had a divorce, death in your family, or had unexpected expenses which are hindering your ability to pay your mortgage, you should also look into loan modification.
Besides making financial sense, a mortgage modification has many advantages over other options. Unlike foreclosure where your credit score will take years to rebuild, a loan modification does not affect your score. On the plus side a loan modification will show banks and credit card companies that you repay your debt, and as a result your credit score will increase. Loan modification can be also preferential to refinancing. Because you're modifying your loan you won't have to go through the tons of paperwork that is required when you're applying for a new loan. Plus with banks not eager to lend to the public, a new loan is hard to come by.
If you do decide to modify your loan, you need to decide if you want to hire a firm or do it yourself. Firms usually charge thousands of dollars for their services, and many were create by people looking for a quick buck. Also most firms will take the first offer the lender gives them which most of the time is not anywhere close the best deal they can make. On the other hand homeowners who choose to do their loan modification themselves, do not know the subject to well and sometimes are taken advantage off.
The best solution is to get a do it yourself loan modification kit. One such kit is 60 Minute Loan Modification. It was created by a loan modification expert who modified numerous homes for himself and his clients. It provides all the forms, show you how to write a professional hardship letter outline that will get your lenders attention, and even has a taped conversation of a lender talking to a borrower so you can hear exactly what you should and should not say to ensure you end up with what you wanted. It has everything you need.
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