A loan modification can help a homeowner permanently change one or more of the terms on the mortgage to make the monthly payments more manageable. This can include lowering the interest rate, increasing the term of the loan or adding missed payments to the loan balance.
The loan modification process is not easy, involving persistent phone [...]
Tags: guide, loan modification, tips
For homeowners who find themselves struggling or unable to make their mortgage payments, there are several options that mortgage lenders can provide for temporary or long-term relief. Each lender has specific solutions and not all options may be available, but the following can provide a starting point to a homeowner’s research.
For temporary problems:
Reinstatement: Generally, a [...]
Tags: loan modification, tips
The unfortunate environment that we are in today where much of the country is facing an avalanche of foreclosures has been a breeding ground for scam artists and less than legitimate foreclosure rescue companies. The stress and desperation of homeowners who are dealing with foreclosure makes it easy for fraudsters to claim to be able [...]
HUD’s (U.S. Department of Housing and Urban Development) tips for homeowners who are having problems in making their mortgage payments or are already in default.
Most importantly, don’t ignore the problem. Timely attention to the challenges that you are facing will increase the chances of reinstating your home loan.
Contact your lender or a counselor who can [...]
