Posted on
June 22, 2009
at
12:15 pm
Hello Everyone, Need real help here. I have to make some payment for my home loan and right now I haven’t have enough money to make the payment. So what should I do? Should I go for loan modifications? Some says It Works. What do you say?Show me the light.Please.
Posted on
June 22, 2009
at
12:24 pm
It depends. Do you plan on missing many payments in a row or just this one? If you are concerned that missing your monthly payments may become a trend, you may want to look into a modification. You need to be aware that in most states all it takes (on average) is 3 missed payments before the lender will consider and execute a foreclosure on the property. While some lenders wait longer, that is not a risk one should be willing to take.
Posted on
June 22, 2009
at
8:47 pm
I would suggest talking to a non-profit housing counselor. There are government approved ones that can help you with the loan modification or that can help you refinance your existing mortgage. Just follow the link below and click on your state to find a list of federally approved counselors:
http://www.hud.gov/offices/hsg/sfh/hcc/fc/
Posted on
June 23, 2009
at
1:50 am
Loan modification is appropriate if there is no options for you to make the loan payment. People are moving towards to modification as they are in fear of loosing their home. So far what I have seen about modification is that they are doing well and keeping loan troubled people out of the misery.
