Everyone is complaining about the world, about the financial situation, about how they can’t pay the mortgage. But there are solutions to all of these problems, and many of these solutions can save you some money, which in turn gives you more money for other expenses. One of these solutions is the loan modification. The mortgage loan modification is a type of loan that modifies your existing mortgage thereby lowering your monthly bills. This makes your home more affordable. The only issue is that there are some qualifications that need to be met to be able to get a mortgage modification. Xem Tai Day
Currently under the Obama Administration there is $75 billion offered to keep homeowners in their homes. The first type of modification loan is offered to people who have so far, been able to keep up with their monthly payments, but who have suffered a de-valuation of their home. The government offers aid to these people so they can remain in their home and this is called an affordable refinance program. To qualify for such a loan, you have to live in the house, and your loan needs to be lower than $730, 000 and you need to have bought the house before January of 2009. But besides these qualifications you must show a real financial need in applying for the loan modification, and you will have to show documents to support that need. Once you have met these requirements you will need to fill out an application and put all the necessary documents together.
You should also write a hardship letter that explains your financial issues and the reason these issues have come up. The best thing you can do is seek the help of a company that specializes in loan modification applications. This way the process will be faster, and the chances of you getting approved will be higher.
Final Tip: By researching and comparing the best mortgage loan modification companies in the market, you will be able to determine the one that meets your specific financial situation, plus the cheaper and quicker options available. However, it is advisable going with a trusted and reputable stop foreclosure specialist before making any decision, this way you will save time through specialized advise coming from a seasoned loan mods advisor and money by getting better results in a shorter span of time. Meaning getting your house out of risk as soon as possible.