Aug. 17, 2012
-- If you’ve had a financial bump in the road, like an unexpected home repair or a loss of monthly household income, it can set you back to the point where you can’t keep up with your mortgage payments. Before defaulting, know that there are options available to you that can help you save not only your home, but your credit rating. One of those options is looking into home mortgage loan modifications. These loans can help you lower your interest rate, lengthen the time you have to repay your mortgage, and reduce your monthly payment. You can apply for a modification loan through your current lender, which may have its own in-house program or be able to put you in touch with the government sponsored ones.
You might also want to check out some of the best loan modification companies. These companies have experienced personnel who can negotiate on your behalf to get your loan modification. If you hire one of these companies, you will have to pay a fee for their service, but it will be worth it in mortgage savings over the next few months. You will only be charged a fee if you actually hire the company. These companies can make obtaining a loan modification easier for you, so look into them to help save your home.
How to qualify for a loan modification visit: http://www.credit-yogi.com/foreclosure/loan-modification.php
The Obama HAMP loan modification is a federally funded program that assists you in getting a home modification loan that lowers your payments and gives you longer to repay the mortgage. It is designed for people who are either in default or who are about to be in default, and it is fairly easy to apply for. You cannot be unemployed, but if you’re having a hard time making your mortgage payments, this is the plan for you. You can go through your lender to apply.
To qualify for HAMP loan modifications, you must be able to prove financial hardship, the loan must be owned by Freddie Mac, and your expense-to-income ratio must be greater than 31% of your verified gross monthly income. If you are determined to be in danger of defaulting on your mortgage, HAMP can help you. Application can be done through your lender.
If you’d like more information about this subject, Credit-yogi.com has it and is always available for your questions or concerns.