Posted on 08 April 2009. Tags: Financial Services, Foreclosure, Loan Modification, mortgage, Real estate, Short Sale
This article describes the pros and cons of short sales and loan modifications. It offers some useful tips for deciding which would be the best option for you.
When you agree to enter into a mortgage on a home, you are agreeing to abide by specific terms set out in a loan agreement. You agree to a payment schedule and a payment amount, based on the amount of the mortgage loan and the interest rate offered by the mortgage company. But what are your options when you find that you can no longer abide by the terms of the agreement? For whatever reason, if you find yourself unable to meet your mortgage payments, there are several options available.
Read the full story
Posted in Foreclosure, Loan Modification, Short Sale, Your Mortgage
Posted on 16 March 2009. Tags: credit, Debt Management, debt management expert, Foreclosure, hardship letter for loan modification, Loan Modification, mortgage, NOD, Notice of Default, Short Sale
If you are behind in your mortgage payments, it is likely you have received a Notice of Default (NOD) from your lender. A NOD is a public notice to you, as well as the world, that you have defaulted on your mortgage and the lender intends to take foreclosure action if you do not pay by the regulated redemption period. What should you do if you receive a NOD?
Read the full story
Posted in Foreclosure, Hardship Letters
Posted on 16 March 2009. Tags: Debt Management, debt management expert, Foreclosure, hardship letter, loan, Loan Modification, mortgage, mortgage modification, Notice of Default, Short Sale
If you are having trouble keeping up with your mortgage payments and find yourself needing foreclosure help, you are not alone. Millions of homeowners have lost their homes due to foreclosure over the last few years. In 2008 alone, over three million foreclosures occurred in the United States. If you are in foreclosure now, what should you expect and how can you manage this stressful situation?
Read the full story
Posted in Foreclosure, Hardship Letters
Posted on 11 March 2009. Tags: Debt Management, Financial Services, hardship letter, loan, Loan Modification, Loan Modification Tips, Loss mitigation, mortgage
What is a Loan Modification?
Loan modification is a process whereby a homeowner’s mortgage is modified and both lender and homeowner are bound by the new terms.
A loan modification is a process where one or more of the characteristics of a loan and/or its terms are adjusted because the homeowner is unable to make payments under the original terms or because the value of the property is worth less than the borrower owes.
Great I know what a Loan Modification is. What are the things to watch out for?
Read the full story
Posted in Foreclosure, Loan Modification, Tips & Tools for a Loan Modification, Your Mortgage
Posted on 11 March 2009. Tags: Bank, Banking Services, Child support, Debt Management, Financial Services, Foreclosure, hardship letter, Letter, loan, Loan Modification, Loan Modification Tips, mortgage, Short Sale, Single parent
A hardship letter is a letter written to your bank or mortgage company telling them why you can no longer afford to make the payments on your home. This letter describes your hardships and specifically what has happened that caused you to fall behind.
Read the full story
Posted in Foreclosure, Hardship Letters, Tips & Tools for a Loan Modification
Posted on 11 March 2009. Tags: Adjustable-rate mortgage, Business, Debt Management, debt management expert, Deed in lieu of foreclosure, Financial Services, Foreclosure, loan, Loan Modification, Loan Modification Tips, mortgage, Refinancing
Loan modification is not a new practice, however it is more common now due to the mortgage crisis, declining home values and the economic recession. When property values are remaining consistent or are rising, your ability to get a loan modification tends to be very difficult. When a home facing foreclosure has equity, the bank takes a minimal loss or no loss at all. With nothing to gain the bank has no interest in approving a homeowner for loan modification with a track record of financial difficulties. The lender can place the property in foreclosure, find a new homeowner who can make the payments on time and remain profitable. Banks do not want to engage in loan modifications or deal with a risky borrower in a stable economy.
Read the full story
Posted in All About Loan Modification, Foreclosure, Loan Modification, Refinancing