Loan Modification – Don’t Lose Your Home to Foreclosure
We have a terrible crisis looming, which affects 30,000 000 home-owners in the USA. Increasingly home-owners are losing their jobs, or having their salaries reduced. Increasing numbers of home-owners are falling late with their car, mortgage or credit cards repayments. These home-owners are in imminent danger of defaulting on their mortgage loan and seeing their house suffer foreclosure. But there is a solution, and many homeowners aren’t even aware of this solution: loan modification – sometimes known as loan mod.
Mortgage loan modification does not entail re-financing, so there’s no credit check needed. It isn’t debt consolidation. It is renegotiating the existing loan to achieve a reduction in interest rate and, under special conditions, a reduction in loan principal as well. And it does not involve increasing the term of the loan. A new, reduced, payment is achieved which is sustainable to the home owner. Loan modification is a true win win for all parties. For the home-owner it can mean the difference between keeping or losing their home. For the banks, it can signify no less than the difference between folding and staying solvent.
There is no reason why homeowners can not arrange their own mortgage loan modification by contacting their bank’s loss mitigation dept. But it is not recommended – the banks will usually only offer a small lessening in interest, or no reduction at all. Far better to employ the services of an established loan modification firm, which employs its own team of dedicated loan modification lawyers, who do nothing but negotiate with banks all day long and have the knowledge and experience to achieve a telling reduction. Doing it oneself is akin to representing oneself at a court of law – it’s seriously not recommended. A reliable mortgage loan modification firm can negotiate a 30 – 50% lowering in interest rate without increasing the length of the loan. It’s well worth whatever fee they charge to accomplish this.
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