Already on ArticleSlash?

Forgot your password? Sign Up

What is a Mortgage Loan Modification?

 


Visitors: 290

A mortgage loan modification is not a refinance. A reputable mortgage loan modification company can work with your existing lender to give you more favorable terms that will allow you to keep your home.

The most common modifications are:

  • lowering the interest rate and payment
  • reducing the principal balance
  • converting an adjustable rate to a fixed rate
  • forgiveness of missed payments
  • removal of late fees
  • halting foreclosure
  • or any combination of these

A mortgage modification can help homeowners who cannot refinance or afford their current payments by simply working out new terms on their existing loan. Getting mortgage help for troubled homeowners can help stop the foreclosure process.

With so many adjustable rate home loans resetting to higher payments, lenders are overwhelmed with defaults and foreclosures. A mortgage loan modification with the assistance of reputable company can modify your loan terms quickly and effectively to save your house.

Obtaining the help of someone who is experienced in mortgage loan modifications will get you a better mortgage modification agreement than you can obtain on your own. If you are already behind in your mortgage payments, a loan modification company may be able to help stop the foreclosure process and help you avoid foreclosure.

A loan workout needs to make sense for both the homeowner and the lender. Your lender does not want to foreclose on your home. They would much rather receive your monthly payments instead of going through the time consuming and expensive foreclosure process. However, if you are several months behind on your mortgage payments they may not be willing to accept partial payments and may threaten to commence foreclosure proceedings.

A good mortgage loan modification company can offer free foreclosure help and advice to stop the foreclosure process and help homeowners who want to keep their home.

Dan Mason

President and CEO

http://www.CloseYourOwnLoan.com/LoanModification.aspx

(348)

Article Source:


 
Rate this Article: 
 
Home Loans Home Mortgage How to Find a Legitimate Home Mortgage Modification ..
Rated 4 / 5
based on 5 votes
ArticleSlash

Related Articles:

Mortgage Loan Modification - Can You Do it Yourself?

by: Susan V. Gregory (November 04, 2008) 
(Finance/Mortgage Refinance)

Unable to Refinance Your ARM Home Loan? An Adjustable Mortgage Loan ..

by: Darin Sewell (September 22, 2008) 
(Finance/Mortgage Refinance)

Loan Modification Process - Stop Foreclosure by Obtaining a Loan Modification

by: Igor Mosyak (December 10, 2008) 
(Real Estate/Foreclosures)

How to Start a Loan Modification Business in a Loan Modification Boom

by: Ken Block (September 16, 2008) 
(Business/Management)

Loan Modification-Which Lenders Are Most Likely to Offer a Loan Modification?

by: Susan V. Gregory (October 20, 2008) 
(Finance/Mortgage Refinance)

Loan Modification Assistance - How to Get Your Home Loan Modified

by: David Riffey (January 17, 2009) 
(Finance/Mortgage Refinance)

Mortgage Loan Request - Secure Readily Mortgage Loan The following about Demand

by: Johnson Smth (December 20, 2011) 
(Insurance/Home Owners Renters)

Mortgage Loan Calculator Important Resource You Need Before Securing Your Next ..

by: T Crowley (July 27, 2008) 
(Finance/Mortgage Refinance)

How to Choose a Foreclosure and Mortgage Modification Company

by: Frank Collins (October 27, 2008) 
(Finance/Mortgage Refinance)

Home Loans Home Mortgage How to Find a Legitimate Home Mortgage Modification ..

by: Bob Randooke (December 24, 2008) 
(Finance/Mortgage Refinance)