03.13.09
Loan Modification Info, Loan Modification Help
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This Week’s Post: Loan Modification
Behind on Your Mortgage? LOAN MODIFICATION experts are standing by to re-do your existing loan.
“Loan modification” is a general term that refers to any long-term solution that helps borrowers make their mortgage payments and stay in their homes. If you are behind on your $100k+ mortgage you should definately consider a mortgage loan modification now.
Modifications to your loan can be accomplished in many ways such as: decreasing your interest rate, changing the loan from from a variable to a fixed rate mortgage, extending the term of the mortgage (meaning extending the period of time you have to pay the loan back), or switching to a different type of loan altogether. The type of modification you should go for depends on your unique siutation, but the bottom line is all of these loan modification options will result in a lower monthly payment for you.
Some loan modifications are more easily obtained than others. One of the easiest ways to modify your loan is to ask for a decrease in the interest rate. Most lenders are willing to aggressively decrease interest rates for qualified applicants. A decreased interest rate can save you anywhere from a few hundred to a thousand dollars every month. Lengthening your loan is another way to modify your loan. For example, if you have a 360 month mortgage, you may be able to increase it to 372 months. By increasing the number of months you have to pay off your loan, you can decrease your monthly payment by a couple hundred dollars. An additional way to modify your loan called a “principle balance reduction”. This involves the lender re-evaluating the prinicple amount of your loan based on a decrease in your home’s value since the time you purchased it.
Talk a mortage loan modification professional now and get your questions answered. You may be eligible for a reduced monthly payment that could ease the pain of your mortgage, allow you to get current with your payments, and help you can get back on your feet.
-Ken-