Posts Tagged ‘loan modification’

Save Your Home Try Loan Modification Services

Thursday, March 11th, 2010

A mortgage modification, often called a home loan modification, enables homeowners to decrease their monthly mortgage payments by re-negotiating the terms of the first loan. This is one of the most helpful alternatives to foreclosure as it allows homeowners in the midst of financial hardship to stay in and keep their home. By acquiring a new payment arrangement through mortgage modification families can avoid foreclosure and lenders still receive payments.

While not all mortgage companies offer this type of program, it is definitely in your best interest to at least ask. Anyone facing the probability of foreclosure needs to do their own due diligence and proactively look for ways to save their home. Understand, lenders do not want your home, they make money by lending money, not by taking homes. If you are in jeopardy of losing your home, you owe it to yourself to discuss choices with your lender.

Bargaining for a home loan modification is often arduous, there is a process. You must qualify for the program and present acceptable documentation. You will be obliged to prove that you can actually pay the new loan. Modifying your mortgage is just one of many options. However, it is one of the most favorable methods of keeping your home from foreclosure.

Some people think that it will cost them nothing to just surrender and step away from their home and let it go into foreclosure. The truth is foreclosure will involve money and will adversely affect your credit. Count the cost. Avoid Foreclosure With A Home Loan Modification.

The loan modification process can be mind-boggling and confusing for many perturbed homeowners. If you are uneasy with negotiating with your lender by yourself or if you want to better understand your choices, contact a loan modification attorney for assistance.

To learn more information about loan modification services contact Janian and Associates for a free consultation. Get a totally unique version of this article from our article submission service


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Strategic Mortgage Default

Friday, March 5th, 2010

Paying way too much each month on an underwater mortgage? What are your alternatives to remaining chained to a loan that makes no financial sense.

You no longer own your house. Your house owns you.

When banks sold us on the notion that a house was an investment instead of an expense, the path to ruin was blazed.

When did a contract become a moral issue? Let’s examine mortgage default, and even strategic default (you have the ability to pay but do not because it makes no financial sense any longer).

Many people believe that it’s shameful or even sinful not to pay your bills. Someone lent you money in good faith so you could buy what you wanted, including a home. You should want to pay them back with interest.

If you did not obtain your mortgage with fake documents or fraudulent financial information, you intended to pay the bank their money each month. If the banks did not believe you would be able to pay, they would not have extended the loan.

People lose jobs, get sick, become disabled, or die. Family members may not be able to pick up the slack.

Religious leaders claim that not paying your underwater mortgage is sinful. I wonder how many churches are being sold short with mortgages being defaulted on.

Does this make any sense – morally or financially?

If you pay an exorbinant loan amount when you could rent the same house for less, you are taking food out of the mouths of your children. You are keeping your family poor while making your banker rich.

Banks assume risk by lending you money, and they make money when they guess right. If you default on your mortgage, you are only obligated to suffer the penalty stated in the contract. You don’t have to feel shamed on top of it.

In some states, the bank can sell the foreclosed house and sue you for the money they lost by lending to you – called a deficiency judgment. Banks will sometimes obtain a deficiency judgment even if they agreed to a short sale.

If your state allows deficiency judgments, you may have to turn to Chapter 13 bankruptcy to have your mortgage reset at current market value, or Chapter 7 and discharge that obligation altogether.

Bankers want you to think it’s morally wrong for a homeowner to default on a mortgage. For commercial mortgages, you never hear the moral argument.

When it comes to the bankers themselves, they do not feel so obligated.

The Mortgage Bankers Association, a Washington, D.C. trade group that represents about 2,400 real estate finance companies, sold its headquarters building for $41 million, about half what it paid three years ago. Immoral? Or just business?

A house is just a house. Don’t fall in love with it.

Slavery was once moral. If in your best interest, use a strategic mortgage default to keep your family out of economic slavery.

Looking to find the best strategies for Stategic Mortgage Default, then visit Burn Down the Freaking Mission.

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