First Question: What is a Home Loan Modification? Second Question: Why do I need a Home Loan Modification? Third Question: When do I begin the process? Fourth Question: Where do I go for help in the process? 1.
What is a Home Loan Modification? Modifying a home mortgage entails changing the terms of a mortgage contract.
That may mean a reduction in the interest rate, an extension of the loan terms, or a decrease in the monthly payment.
It is a strategy that helps both the lender and the borrower to maintain and honor a previously approved contract.
2.
Why do I need a Home Loan Modification? Many families are facing financial hardship, through no fault of their own, due to the economy crisis or unexpected financial burdens.
Many families are under the threat of losing their homes.
Do not be ashamed if you are one of these families! 3.
When do I begin the process? NOW!!! If you can prove that your monthly mortgage payment is more than 31% of your gross monthly income and that your home is your primary residence, you may qualify for this type of mortgage modification.
With the aid of the Home Affordable Modification Program (HAMP), you can begin the process of applying for the home loan modification.
There are various requirements, including a hardship letter and details of your personal income and outlay, but do not be afraid to avail yourself of the program.
4.
Where do I go for help in the process? With the answers to the first three questions, you are now ready to seek the knowledge for yourself.
Through the media of ebooks, homeowners can save money in the application and approval process.
The rest of answers are available with just a click!