| With the economy the way it is, many families are | | | | authorization to speak to your lender and call them up. |
| struggling to keep their homes. One good way to | | | | They will know right away if you are approved, what |
| afford your mortgage payment is to get your loan | | | | your interest rate will be and what your payment will |
| modified. Loan modification companies are a good | | | | be. They can verify this with you as well. So, if you like |
| way to do this, if you choose the right one. | | | | what you see, you can move forward and get the |
| Why choose a loan modification company? Well, first | | | | loan modification done. If not, you can look for an |
| of all, they won't get confused with the terminology | | | | alternative (such as a short sale). There are no risks |
| your bank uses when talking to them. They are on the | | | | involved with this program, unlike other companies that |
| same page as your lender and know what needs to | | | | charge upfront fees and take months to get you any |
| be done to get you approved. They also know what a | | | | information. |
| good loan modification is and what a bad one is. | | | | If you don't have one of these lenders, there are other |
| Lenders aren't in the business of modifying everyone's | | | | programs available as well. This company has experts |
| loans right off the bat and when they offer you one, it | | | | on the HAM program (the Obama mortgage plan) and |
| usually isn't as good as it can be. A company will know | | | | know how to get you qualified if you are within the |
| when to reject the offer and when to take it. And | | | | "window" or close to it. With this program, you can |
| finally, you won't have to spend hours on the phone | | | | reduce your monthly payments (taxes included) to 31% |
| every day trying to get things accomplished with your | | | | of your net monthly income. This is done by reducing |
| lender. The company will handle this for you, because | | | | the interest rate (as low as 2%), extending the terms |
| you have better things to do with your time, right? | | | | (30 year loan to 40 years) and/or reducing the |
| So, what makes a good loan modification company? | | | | principal. It goes in that order until the cap is reached, so |
| Well, there are many things to look for, but I'll tell you | | | | usually lowering the interest rate and extending the |
| about one company that has some pretty amazing | | | | terms if necessary will get it there, balance reductions |
| programs right now. They have all the bases covered... | | | | are rare. The whole point is to lower your payments |
| First of all, they can do "instant" loan modifications with | | | | so you can afford to stay in your home, so I wouldn't |
| several major lenders. These can be fully completed in | | | | worry too much about reducing your balance! A 2% |
| a week or less. The lenders include Bank of America, | | | | rate is amazing. |
| Countrywide, EMC, Wells Fargo and more. If you have | | | | For more information on this company and these |
| one of these lenders, you should contact them for | | | | programs, just visit the following links. |
| sure. They will gather some quick information, get | | | | |