Should I Get A Loan Modification? What Do You Think?
Posted on September 8, 2009 at 10:56 pm
I am runnning out of funds to pay for my mortgage because of all the other debts i have and have received a suggestion saying that i can get a loan modification to prevent my home from being foreclosed. I am having second thoughts about that, I said, and I wanted to get all the facts first before i take the plunge. So... should I get a loan modification or not? what do you think?
Posted on September 10, 2009 at 3:51 am
What's a loan modification anyhow?
Posted on September 10, 2009 at 4:30 am
A loan modification allows the consumer to modify the terms on their mortgage agreement with their creditor. As a result, the loan gets reinstated, and the borrower can be able to make payments that they can afford. It's one way to prevent foreclosure as well.
In bringing the asset current, the mortgagee may include charges in the loan modification.
Posted on November 21, 2009 at 8:06 am
Loan Modifications can help lower your payments by getting you lower interest rates or different terms. If you have an Adjustable Rate Mortgage you can have it modified to a Fixed Rate mortgage that averages around 3.5%-5% interest, depending on the company you have working for you. It can also help if your current FRM has high interest rates on it, or in your case if you have fears of being foreclosed on.