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In this time of recession where finances are tight, paying for your monthly mortgage can be very difficult. You may be thinking of a refinancing solution. However, if you still haven’t heard about the government loan modification bailout program, it is now time to ask around and learn what it’s all about.

Compared to refinancing mortgage modification is a better alternative for your monthly mortgage worries.

Unlike in mortgage refinancing, qualifying is a lot easier in mortgage modification and it is less expensive too. If you are in the worst position regarding mortgage payments it is a better reason to apply for a modification. Well it actually gives you better chance of qualifying. The idea behind modification of the loan is to help those who have critical financial difficulties. Continue reading ‘Loan Modification Bailout Program – Reduce Your Mortgage Payments Fast and Stop Foreclosure Today’ »

Foreclosures are a problem encountered by many budding home owners and are sometimes unpreventable by conventional means. A foreclosure notice is seen by many as a sign of impending doom from which there is no release, but many prospective homeowners fail to realize that there are methods of making a foreclosure stop in its tracks by a loan modification. Previously available only to the underprivileged or people who had fallen on hard times (Losing a job, Medical conditions, Divorce, excessive debt etc.) certain corporations are willing to provide the facility of a loan modification to the average Joe or Jane.

So what is a loan modification and how does it work? In short, a Loan Modification reduces the interest rate of a mortgage and defers some of the principle owed by the borrower to a more realistic level. To receive a mortgage modification one must give valid and logical reasons as to why a mortgage modification is required. The prerequisite for a mortgage Continue reading ‘Stop Foreclosure – So What is a Mortgage Loan Modification and How Does it Work?’ »

You are facing foreclosure. You want to save your home. You have just learned that you don’t qualify for a loan modification under the Making Home Affordable Modification Program. That is really depressing. You are almost ready to throw in the towel and walk away.

Don’t give up. There are still other ways you can stop the foreclosure process and save your home.

One of these is called a Short Refinance. Here you get another lender to refinance your loan. The amount you refinance is more in line with the current value of your home. The interest rate is lower than on your current loan. The monthly payment is one that you can afford to make every month. Continue reading ‘Not Eligible For a Loan Modification? – A Short Refinance May Be Your Answer’ »

Homeowners who are facing the threat of foreclosure know that it is akin to living a nightmare. It can best be described as a slow and agonizing torture where you have to spend months speculating about the fate of your home. The process is so arduous that it can throw logical reasoning into a quandary and you may simply start looking for a life raft rather than a sensible solution to bail you out of the situation. One such sensible solution which can yield results is home loan modification and writing a mortgage modification hardship letter will be the first step of the process.

Given the fact that it is a very important document that can make your worries go away here are a few tips on how to write an effective home loan modification letter. You have to understand the fact that for a lending institution granting a mortgage modification makes more financial sense than going in for a foreclosure. The real estate market is in doldrums and banks are finding it increasingly difficult to find buyers for foreclosed homes after they have spent thousands in foreclosure fees. Yet if the bank feels that they are Continue reading ‘How to Write an Effective Loan Modification Hardship Letter?’ »

Like most other loans, a loan modification from Bank of America can be daunting task taking up a lot of time. Bank of America is the largest banking institution in the US and as such are one of the biggest lenders of mortgages, both prime and sub-prime. As a result of their status, they offer a varying array of modifications. That being said, it can prove difficult to receive modifications of any king from the robust financial institution.

Step 1
If you’re looking to attain a loan modification from Bank of America, you should first make a call or visit to their loss mitigation department and advise them that you are going to seek a loan modification. Second, be sure to find out what all of the modification requirements are. Continue reading ‘Getting a Bank of America Loan Modification’ »

Are you having problems paying your mortgage every month? Have you looked over your finances over and over but can’t find a way to make it work any more? If so you may qualify as a candidate for the new home mortgage modification program that has been enacted. This guide will provide you with some helpful tips and advice so you can completely comprehend the mortgage modification process.

Why offer mortgage modification? Why not foreclose right away? This may come as a shock but banks don’t want to foreclose on anyone’s home. It is true that if they foreclose they can re-sell it and make some profit but in reality it’s just not worth the hassle or the amount of time they are going to have to spend just on paperwork. When a lender has to foreclose on a home they spend countless hours on the process not to mention the man hours it consumes. Once the home is foreclosed on the “real” work begins. The lender will then need to fix whatever needs fixing in the home then try to re-sell it as quickly as possible so they don’t have it sitting and losing money. If the foreclosed home does not sell the lender is stuck paying taxes on it and not making any of it back. Continue reading ‘Loan Modification – A Simple Guide’ »