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.
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