Any borrower that is behind on their mortgage loan payments and has submitted an application to their lender for a loan modification expects that the request will be approved. However, the decision to approve or deny a loan modification is purely at the discretion of the lender. Usually, it is in the best interest of […]Read More
In the process of a loan modification, one of the last steps to get it approved is to go through a trial modification period. Lenders or banks institute a trial period so a borrower can prove that they will be able to keep paying their mortgage regularly. If the borrower completes the trial period successfully, […]Read More
Some borrowers that are having difficulty making their monthly payments may be under the impression that if they apply for a loan modification, the lender will usually approve it. A borrower has to qualify and complete several steps before a lender will consider granting a loan modification. The chances of having a loan modification approved […]Read More
All housing situations are different, and people face diverse and unique scenarios that can lead to not being able to pay the monthly payments on their mortgage. One option to remedy the situation is requesting a loan modification from your lender. If you are a homeowner beginning to contemplate applying to change the terms of […]Read More
A borrower that defaults on their payments under a loan agreement can apply to a lender for a loan modification to keep the loan from going into foreclosure. It is usually in both the lender and the borrower’s best interest to work out a loan modification agreement. Lenders can apply several strategies to modify the […]Read More
As economists predict another recession coming, borrowers may find themselves in a financial situation of difficulty making monthly mortgage payments. When this happens, you may have to ask your lender to make changes to the terms of your existing loan to make payments more manageable. These changes are referred to as loan modifications. They may […]Read More
The thought of facing foreclosure and losing your home is a devastating feeling. Once you have reached the point of trying to find any possible option to keep your home, you are vulnerable to scam artists that will take advantage of that vulnerability. As a homeowner, you need to be informed about the signs of […]Read More
A mortgage loan modification is an adjustment made to the terms of your original loan that will help you obtain a lower monthly or biweekly mortgage payment. Most people who are suffering from a financial setback consider applying for a loan modification. But few people understand how loan modification works. What is involved in the […]Read More
It is challenging for people to ask for financial help when they need it. However, many people go through difficult times in their lives where they fall behind in their mortgage payments. If you fall several months behind on your mortgage payments, have been turned down for a loan refinance, and are facing a long-term […]Read More
Are you behind in your mortgage payments and currently struggling to pay your lender? If your answer is “YES,” then modifying your mortgage is probably the right option for you. If you are delinquent on your loan, your credit will not permit refinancing of the mortgage balance. An outright sale of your home may not […]Read More
