Change Your Loan So it is More Affordable

Sept. 5, 2011 - PRLog -- Sell Home Fast - Oakton VA: There’s a problem with the ability to pay mortgage payments in many households across the country these days. Many workers have lost their jobs, have had to take cuts in pay to keep their jobs, and have had increased expenses due to gas and food prices. For those who were living paycheck to paycheck and just making ends meet, any of these circumstances could mean the loss of their home.

One solution could be a modification of the loan. When loans were written several years ago they were handing out mortgage loan money to just about anyone who asked. Some were qualified for these loans and some were not. Being certain that they would be able to pay an increased amount if their adjustable rate mortgages reset, many took out adjustable rate mortgage loans, meaning their loan could require larger monthly payments at any time throughout the life of the loan. This is how so many Americans have now found themselves defaulting and losing their homes.

A modification possible through your lender can do some creative financing to reduce your monthly mortgage payment which could be what is needed to help you save your home. When you find that you may begin to have trouble paying the monthly payments, contact your lender and ask to discuss your options. Let them know if your situation has changed. A death in the family, an accident requiring expensive medical payments, a job loss, or the cutting of your hours to reflect the reduction in business due to the economy are all common reasons that cause hardship, either temporary or permanent.

There may be options that are available to you that you wouldn’t know about unless you speak to a mortgage lender’s loan mitigation officer. Most lenders today would rather reorganize your loan to help you reduce the payments and be able to continue with repayment of the loan than to foreclose on you and lose the payments altogether. They do auction off homes that have been involved in foreclosure but they don’t usually get what they need to cover their costs. It’s better for everyone if they find a way to lower your interest rate, reduce your principal, or any other method they can use to give you a lower payment that you are more likely to continue paying. Be sure to contact your lender if you think you might want to explore these options before it becomes a problem for you.

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We Buy Houses in the following Counties in Virginia – Fairfax County | Loudoun County | Hampton Roads | Prince William http://www.we-buy-houses-fairfax.com

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http://www.we-buy-houses-fairfax.com Lee Allen Team specializes in selling houses in any situation. We have the experience and the buyers to sell your house fast. Here in Fairfax Virginia the Lee Allen Team sells houses fast!