With the number of foreclosures on a step rise many how owners want to know about the various options available that can help them to save their homes. One of the most potent and effective solutions to prevent foreclosure is home loan modification.
Mortgage modification involves a permanent change in the loan terms of the borrower. This can include a reduction in the interest rate, waving off penalties or increasing the loan duration or a combination of such steps that will reduce the monthly mortgage payment making it more affordable and manageable.
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You can talk to your mortgage program officer, to an attorney or to a company that offers to negotiate for a home loan modification with the lending institution on your behalf. To qualify for mortgage modification you need to have a valid and legitimate reason which has caused a drastic reduction in your income. Such reasons can include divorce, work related injury, chronic illness, unemployment, death in the family etc.
If you are wondering why would a bank be interested in offering a home loan modification; the answer is very simple they have to spend quite a bit on foreclosure procedures and given the sub prime crisis and the plunging real estate market there simply aren't any buyers in the market. So when it actually comes to a foreclosure the bank would certainly choose a mortgage modification over it.
Now there are three ways to start the home loan modification procedure you can approach the bank on your own, get the help of an attorney or go to one of the several companies that claim to help you with mortgage modification. The first way is good if you have some time on your hands but if you have already defaulted on your payment you may want to play it safe and seek out an attorney. On the other hand, it would be best to steer clear of home loan modification companies because many them cannot actually help you and by the time you realize it you will have lost valuable time and you will have to pay up the processing fee.
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