The purpose of a loan modification is to help a homeowner who is having trouble paying their monthly mortgage. With the current state of the economy, more and more homeowners are finding it difficult to make their payments. Americans are facing difficult times with unemployment rates at their highest since 1983. There are also a lot of Adjustable Rate Mortgages (ARM's) resetting at an alarming rate. These are mortgages that started out at a low teaser rate for 2 to 3 years, and then adjusted upwards, increasing monthly payments as much as 1% - 3%. Whatever the reason is, more and more homeowners are falling behind on their mortgage payments and are in need of help. This publication is to serve as a guide to help you, the homeowner, successfully navigate through the process of modifying your loan to a payment that you can comfortably make.
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Homeowners have options
Falling behind on payments and receiving harassing phone calls from the bank is a very stressful situation. I know firsthand because I have been there. That is what prompted me to try and help others who are facing the same situation and want to keep their home. By going through the process myself, combined with my eleven plus years in the banking industry, I have gained a lot of knowledge and insight about the loan modification process, how it works, what banks want and don't want, and how to achieve an end result that works for both you and your lender. Remember, you are not trying to pull a "fast one" the bank. You want to achieve a win/win situation for all involved. Since you are the homeowner, you too have a responsibility in this matter.
What is important to remember is that you do have choices:
1. Contact your lender directly to work out a solution.
2. Hire a professional loan workout specialist to get the results that you want.
3. Sit back and hope the government will give you your bailout
This publication is tailored to the first choice of doing it on your own. Keep in mind that there are situations where hiring a professional is the right choice. Hiring a professional who is an expert in his field will always give you better results. Working with someone who knows exactly what the banks are looking for and how banks negotiate will get you better results. A lot of homeowners are already stressed out and usually let their emotions get in the way of working out a solution. A third party can eliminate emotion and negotiate with a clear head. Also, banks tend to take the situation more serious when the homeowner has someone (a professional) negotiating on their behalf. That's just the way it is.
For those who want to save money and Do It Themselves, take the time to educate yourself on the process. It is not difficult, but there are certain things that banks are looking for (or not looking for) that can lead to a successful loan modification.
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