1. Latest News
  2. Submit Press Release
  1. PR Home
  2. Latest News
  3. Feeds
  4. Alerts
  5. Submit Free Press Release
  6. Journalist Account
  7. PRNewswire Distribution

Hope for Underwater Homeowners & Ways to Save Time and Money

Loan modification programs have become a primary rescue effort as a way to help some of these homeowners. These programs allow lenders to re-evaluate your financial situation to determine if your monthly payment can be lowered.

PRLog - Jun. 14, 2011 - FOSTER CITY, Calif. -- Even though foreclosure is a terrifying word for homeowners, approximately two million American homes are currently in foreclosure, a third of which are vacant. A large percentage of remaining homes are in danger of slipping into foreclosure this year given that another two million households are behind on their payments.  Additionally, about one in five home loans exceed the value of the underlying house. In both groups, many are choosing to abandon their properties, weakening the housing market furthermore. Why? Because some simply can't afford to make their current mortgage payments and yet others are just walking away.

While foreclosures and short-sales hurt the housing market, increasing these numbers will inevitably drop values even more. Many in these circumstances do not have the ability to refinance, which further compounds the situation.

There is hope for some of these underwater homeowners with loan modification options.

Loan modification programs have become a primary rescue effort as a way to help some of these homeowners. These programs allow lenders to re-evaluate your financial situation to determine if your monthly payment can be lowered.  When successful, the new lower payment is more affordable, and the homeowner can regain foothold with their mortgage so that they may keep their home.  But under current guidelines, the process is slow and often of little help. Proof? According to the U.S. Treasury department, 49% of trial modifications have been canceled.

Despite the fact that most lenders participate in loan modification programs, they often complicate the situation by making the modification process so daunting. First, they accept many modification applications without using the Home Affordable Modification Program guidelines or even their own to pre-qualify borrowers at the onset. Second, they run the homeowners through months of excessive amount of documentation.  And finally they decline most at the very end of the process by letting them know that "your loan is not eligible." These are the very same lenders that not many years ago were giving out mortgages easily and in abundance.

As a result, many homeowners are turning away from these programs that could potentially offer assistance. But why should they? It's because their efforts may have been without proper preparation. People will routinely stand in line countless hours for amusement park rides and concert tickets, or to appear in court to settle a $100 traffic ticket. But they won't take the time to try to save their largest, and most valuable, investment – their home.

A better way to test the program is to use CAAL loan modification software to determine if you can even qualify for a loan modification and how to best prepare for it.  After all, if your income and debt are not within limits, then you may not qualify.  Why not find that out on your own before you waste money and time?

CAAL uses a proven system which gives you a list of what is required. Then, it prepares your financial worksheets that will need to be submitted. After that, it helps you to keep track of the paperwork. By being prepared, you are in control of the situation. Best of all, you get to keep any fees that you would pay someone to do the same thing that you are accomplishing on your own.

With foreclosure rates continuing to climb, this means values may drop even more before the housing market rebounds. By using CAAL loan modification software, you can find out about keeping your home, your money, and becoming a winner- and not another statistic.

For more information please visit http://www.mycaal.com

--- End ---

Click to Share

Contact Email:
***@gmail.com Email Verified
Source:Carla Ghosn
Location:Foster City - California - United States
Tags:loan modification, mortgage loan, home loan modification, mortgage calculator
Verified Account Email Address

Disclaimer:   Issuers of the press releases are solely responsible for the content of their press releases. PRLog can't be held liable for the content posted by others.   Report Abuse

Trending News...

  1. SiteMap
  2. Privacy Policy
  3. Terms of Service
  4. Copyright Notice
  5. About
  6. Advertise
Like PRLog?
Click to Share