| SAVE YOUR HOMES FROM FORECLOSURE |
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With the consistent rise and fall of America's economy, people can avoid foreclosures and keep their homes with the help of a mortgage loan modification program. It is like a mortgage refinance but instead of getting a new loan there will be a revision of your existing mortgage.
With the consistent rise and fall of America's economy, people can avoid foreclosures and keep their homes with the help of a mortgage loan modification program. It is like a mortgage refinance but instead of getting a new loan there will be a revision of your existing mortgage. Refinancing a mortgage is a good option but not all homeowners have the financial capacity to take it. The mortgage loan modification program can be an option for them. You may wonder if you are eligible for a mortgage loan modification program. This may depend on who your mortgage is with, among other variables. Some of the most common characteristics that will help a homeowner to qualify include: Here are the qualifications for you to avail a mortgage loan modification: If you are more than 90 days delinquent and have missed three or more payments If you have not yet filed for bankruptcy If you currently occupy the residence and the property must be your primary residence If you are experiencing a change in your financial status and if you can document that change Financial institutions will also check your background to ensure that you did not fail to pay your mortgage on purpose in order to avail of the loan. Since you can only get a mortgage loan modification with the party holding your current mortgage, you must know who this party is. You can check the information from your coupon book or statement. You must also take note that each lender might have its own loan modification programs. If your bank is able to grant loan modifications, you would need proof to show that your financial status have changed and that you did try to make every mortgage payment but the circumstances were beyond your control. All in all, you will have to show your bank that when they give you a loan modification, you will be able to make payments. Such programs exist because banks can get some of their money, rather than none of it. Many banks, including Citigroup, Chase, Countrywide Mortgages, and the federal government, participate. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Brandon Roberts is a Certified Mortgage Planning Expert. CMPS mortgage |