Personal Finance guide

Anyone who’s even remotely interested in shopping for a Loan modification has probably paid attention to all those commercials on TV touting the ease of using any of a variety of Internet services to compare Loan Modification offers from the comfort of your home. You may even have tried a couple of them yourself. But you need to watch out when trying to use the Internet to do the heavy lifting for you.

Sometimes, these Internet services might work fairly well for certain people. But the one-size-fits-all approach they offer is going to leave a lot of people with loans that aren’t the best for them, or even worse, they may be shut out of the process altogether. Continue reading ‘What You Need to Know About Shopping for a Loan Modification Company Online’ »

Q: What is a Loan Modification?

A loan modification is the negotiation between a borrower and a lender for new rates and terms which will result in more affordable mortgage payment to prevent foreclosure.

Q: Can I qualify for a Loan Modification if I am not late on my mortgage payments?

Yes, a few months ago, lenders wouldn’t even consider giving a loan modification to someone that wasn’t late on their mortgage, but not today. In many cases, this is easier because you have maintained your good credit with your lender. Recent updates with the Making Home Affordable plan may allow for up to 9 million Americans to modify their current mortgage if they meet certain criteria.

Q: If I attempted A Loan Modification On My Own and Got Denied, Can A Loan Modification Company Help?

It depends of the reason for the denial, but an experienced Loan Modification Company can review your situation and let you know whether or not you actually qualify for a Loan Modification. An experienced Loan Modification Company can be a great resource as they have direct lines of communication and established relationships with most banks and lenders. This allows quicker access to information. Continue reading ‘Loan Modification Frequently Asked Questions’ »

Loan Modifications and the Race Against Foreclosures

While there have been recent signs that the economy and real estate markets may be in the early phases of stabilizing, the foreclosure crisis appears to be rolling along unimpeded. The most recent evidence comes from a new study from RealtyTrac, Inc., an Irvine, California based housing research organization which reports that foreclosure filings in the form of default notices, scheduled auctions, and bank repossessions totaled a record 360,149 in July.

The total represents a monthly increase of 7% from June and a 32% rise from July of 2008. The month’s total of foreclosure actions broke the existing record for the third time in five months. Continue reading ‘Loan Modifications and the Race Against Foreclosures’ »

As the housing crisis continues to build momentum across the country, successful home loan modifications are the only course of action standing between homeowners’ ability to stay in their homes and being forced to move due to a foreclosure. If events leading to a foreclosure are unfolding quickly, a modification becomes a one shot chance that must be done correctly and as efficiently as possible. The following are the five big mistakes homeowners commonly make which can slow the process to a crawl or result in non-approval. They are:

1. Being unrealistic – If you are falling behind on your mortgage payments without a foreseeable change such as a raise or a higher paying new job, the problem is not going to go away on its own. Start pulling your paperwork together, learn as much as you can about loan modifications, and begin interviewing to get the best representation possible for your situation. Continue reading ‘Five Big Home Loan Modification Mistakes’ »