The biggest and highest priority payment each month, most would agree, is the mortgage. However, in this harsh economic downturn where we were dealing with a recession, housing values crashing through the floor and unemployment rocketing through the ceiling, a number of Americans are finding themselves unable to meet their monthly payments. These people are facing the daunting possibility of losing their home through foreclosure.
Before you resort to foreclosure, however, it is worth noting that a good number of banks are actually very willing to negotiate mortgage terms with their borrowers through a process of loan modification. This is a mutually beneficial process which assists the borrower in attaining more affordable monthly payments while preventing loss for the bank. Foreclosure is a negative for the bank too, given that this does not guarantee them recouping any money. Instead they end up with the house they reclaim and anything to achieve from it is subject to its sale.
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Although the loan modification could certainly ease your financial burden, this will only be the case if your lender is prepared to work effectively with you from the beginning to the end of the process. One such lender who has shown willingness to offer great rates through this process is the Altegra Credit Company, whose loans have fared consistently well against those of their competitors. However, no matter how competitive your lender and how fair their approach to the modification plan, you must bear in mind that interest rates are still high and that it will always be of assistance to have legal representation throughout this complicated process.
A number of the larger banks are also assisting homeowners in arrears with their mortgage payments in an effort to prevent foreclosures. These include Bank of America and the Citigroup subsidiary bank, CitiMortgage. However, I emphasise again the importance of seeking the advice of a professional and ensuring you do your research before setting out to negotiate loan modification with your lender.
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