Here are some easy to use Mortgage Modification Tips for those of you who are looking to modify your mortgage. First we will talk about your homes value and how to prove that value. Then we will talk about writing a hard ship letter effectively and what to include. Finally Money,this after all is the reason for everything going on in your life right now. These tips are to help make a few things easier in this time of uncertainty for your family.
It’s likely your current mortgage says your home is worth one amount but its really worth less, a lot less. These “upside-down” mortgages are happening a lot in today’s economy. So what do you do when your home isn’t worth as much as your paying and the economy no longer allows you the ability to pay? First you use the online resources you have, eater at home or a local library, to show the lenders your house is worth less then whats reflected on your mortgage balance. You can do this by comparing the price of similar sized houses in the same neighborhood as your house. You can also have an experienced mortgage attorney examine your loan documents to make sure everything is in order.
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Denied for refinance? If you have, it’s not the end of the world and there is lots of hope. Lots of it in fact. I’m going to outline in this short article a super easy strategy for getting approved for a loan that could literally save your home.
#1 Reason People are Denied Refinancing
Many people who try to get a refinance on their existing mortgages do so without fully assessing their situation. The key thing they ignore is the number of payments (if any), that they’ve missed. What people fail to realize is that if you are missing payments, the lender will see you as credit risk. In other words, if you can’t make existing payments, how are you going to make the new one? Continue Reading…
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Are you in or facing foreclosure? Has the market value of your home decreased and you’re now upside down? These may be good opportunities to do a loan modification on your mortgage. A “loan mod” as it is sometimes called, is the process of changing the terms of your original mortgage with approval from the lender, and with new laws from the federal government, is not credit based. Losing your job, going from a two income family to a one income family (due to divorce or death of a spouse), being on an adjustable rate mortgage (ARM) where your payments have gone up due to the ARM, or the market value of your home has decreased and you are upside down; these are examples of permanent changes in your finances and may qualify you for a loan modification.
As forementioned, the process’ goal is to modify the original terms of a mortgage agreed upon by the borrower and lender, and may reduce interest rate, reduce monthly payment, modify the length of the loan, or reduce the amount of the mortgage, and many times will include any arrearage placed at the back of your loan. The process starts by you, the homeowner, calling the lender and requesting to do a loan modification.
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