Personal Finance guide

Loan modification services are a great option for the majority of homeowners who are trying to modify their mortgage loan. For many, receiving a modification on their own is a difficult task. Lenders are firm on their requirements without additional pressure from an outside party, such as loan modification services.

When a lender looks over an application for modification, they have their eyes open for certain factors, mostly those pertaining to financial hardship. However; there are some things that the unsuspecting homeowner may not be aware of. For example, many don’t know that in most situations, a recent or current bankruptcy can be means for disqualification. Continue reading ‘Where to Get Loan Modification Services’ »

Loan modification services are a great option for the majority of homeowners who are trying to modify their mortgage loan. For many, receiving a modification on their own is a difficult task. Lenders are firm on their requirements without additional pressure from an outside party, such as loan modification services.

When a lender looks over an application for modification, they have their eyes open for certain factors, mostly those pertaining to financial hardship. However; there are some things that the unsuspecting homeowner may not be aware of. For example, many don’t know that in most situations, a recent or current bankruptcy can be means for disqualification. Continue reading ‘Where to Get Loan Modification Services’ »

Loan modifications are on top of every homeowner’s to do list these days. And why not? Having your mortgage modified can lower your interest rates, promote late payment forgiveness, extend your mortgage over a longer and more manageable period, and possibly even lower the principle.

Naturally, something that can be this beneficial isn’t east to get. Many lenders and financial institutions are holding onto their loan modifications with an iron grip. The only way to get one is to convince the lending company your mortgage is with that your current financial situation can’t handle your current interest rate, but a lower one will be affordable. Continue reading ‘Loan Modifications – Budget is Key’ »

“What is loan modification?” is certainly the question buzzing among homeowners across the country. As loan modification seems to be the option that is most supported by Obama’s Home Affordable Program for those worried about losing their homes, people are wondering just what is loan modification and how does it work.

Before delving into what it is and how it works, it’s important to know what it is not: A catch-all home saver. There are people seeking modifications that think getting one wipes clean all of their responsibilities, and that is simply not true. Continue reading ‘What is a Loan Modification in Layman's Terms?’ »

Countrywide Bank was created as a mortgage lender in July 2008 by Bank of America. If you are currently a Countrywide mortgage customer who is having trouble making your monthly loan payments, you should consider its loan modification program to help you out of your financial crisis.

Countrywide Bank has prepared plans to assist homeowners experiencing difficulties paying their home loans. In response to a 2008 Attorney General finding that Countrywide had failed to provide full disclosure of loan terms to their customers, the lender decided to lower the monthly payment terms of its mortgage holders in a good faith effort to remedy their alleged wrongdoing. Continue reading ‘A New Approach to Home Loan Modifications by Countrywide Bank’ »

Don’t feel like you’re at the end of dead-end street if you’re struggling to make your monthly mortgage payments. Depending on the life circumstances that have led up to your financial difficulties, your lender may qualify you for a loan modification. Banks know that helping your modify your mortgage is better than foreclosure, so they will attempt to assist you. One of the requirements for consideration of a loan modification is for you to write a hardship letter.

By using the three steps below, you will be certain to include the most important elements in your letter.

1) Indicate the cause(s) of your financial difficulties. Were you downsized of laid off from work? Were you involved in an accident? Has a divorce caused your financial difficulty? Has there been an illness that racked up extensive medical bills? Your hardship letter should detail your circumstances to show them that prior to extenuating circumstances you were meeting your debt obligations. Continue reading ‘The 3 Most Important Steps When Writing a Loan Modification Hardship Letter’ »

Banks have long had a process by which mortgage holders facing financial difficulty could apply for a loan modification wherein the length of the term of the loan was increased or interest rates were decreased. Because of the difficult times we’re now facing in this economy, this topic has become more mainstream and there are some mis-perceptions and rumors out there about loan modification programs.

Under the Homeowner Stability Act, a fund of $75 billion was created for loan modifications between March 2009 and December 2012. A process has been established for banks to follow when processing requests for loan modifications under President Obama’s Making Home Affordable (MHA) plan.

The MHA plan is intended to be a win-win situation for both lenders and homeowners alike. Banks that voluntarily choose to participation in the program are paid incentives for approvals and keeping a mortgage holder in a loan program is a much better alternative to foreclosure. Loan modification helps homeowners by allowing them to stay in their homes. Continue reading ‘Dispelling the Myths Around Obama's Making Home Affordable Loan Plan For Modifying Mortgage Loans’ »