Thursday, November 10, 2011

Is A Loan Modification Right For You?

Keep Your American Dream

Buying a house … what does it mean? It means YOU have made it. You are part of the American Dream. And in these hard times, no homeowner wants to lose their home. No person wants to admit that they are struggling. However, if you are one of the thousands of homeowners struggling and falling behind on your mortgage payments (or know you will be in the near future), it is vital that you be proactive to protect your American Dream. So what now? Could a Loan Modification work for you? 

When struggling to make your mortgage payments, it is important to know all of your options. The first question is-- do you want to save your house? If so, then a loan modification is the route you want to take. Each lender has its own specific programs that you might qualify for and no one lender is the same. If your lender participates in HAMP (the Home Affordable Modification Program) and the property in question is your primary residence, then your loan could qualify for a reduced interest rate between 2% and 4% and drop your monthly payment to as low as 31% of your total monthly income. If you do not qualify for a HAMP modification, there are other lender-specific programs that you might qualify for. Remember, it is YOUR American Dream at stake.

Handling your own Loan Modification is possible, but very difficult. Lenders are bombarded with phone calls and tend to be unresponsive to YOU. However, if a law firm is calling on your behalf, your lender may tend to be more willing to work harder to save YOUR American Dream.
At the end of the day, if you decide to go the loan modification route, keep in communication with your mortgage lender, become informed about the circumstances surrounding the state of your mortgage, and seek advice from a mortgage relief company or law firm with the knowledge and experience necessary to help you achieve your goals. Ask the relevant questions and make sure you know exactly what is happening. It could save your home.

Contact The Mortgage Law Group at: (888)591-6555

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