Mortgage Loan Modification Company – Modify Home Loan With Low Rates

MARIETTA, Ga. - May 16, 2013 - PRLog -- Credit-yogi.com would like to offer some insight into these and other lending options, such as:

·         Original Lender

·         Alternative Financers

·         Benefits of Modification

·         Qualification Parameters

Meet with the Mortgage Lender

A mortgage modification is a change in the terms of the original loan. It is not an entirely new loan, like a refinance loan is; it simply gets altered to make payments more affordable for the homeowner. Some of the alterations may be a reduction in interest rate or principal and an extended time to repay the loan. Before going to a mortgage modification company stop by one’s original lender and see if he can do the modification. Many banks and credit unions have in-house programs for this; see if the first lender does.

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Other Sources of Funding

If one would prefer, there are other places to apply for modification than a loan modification company. Online lenders make up a good portion of these options. There are many, many of these, so use caution and common sense when dealing with them. Unfortunately, some of these so-called “companies” are fakes designed by con artists to trick consumers out of their money. Be careful to avoid scams by using common sense. Another option is turning to the federal government to get help with mortgage modification. There are several programs available to homeowners.

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Reasons to Modify a Mortgage

Homeowners have lots of reasons to go to a mortgage modification company. One is that modifying one’s mortgage can drastically lower one’s monthly payment. There are also some excellent “perks” from the process, including the possibility of forgiveness for part of the loan, deferring a portion of it, interest free, and allowing a homeowner more time to pay off their mortgage. Some financers may offer foreclosure delays or moratoriums, forbearance (permission to stop or reduce payments for a time), or to work out a payment plan with the borrower.

Qualification Requirements

Most loan modification companies have similar eligibility requirements. Some are that the property one is requesting modification for is the borrower’s primary residence, the mortgage is in default or is likely to become so in a short period of time, and the property cannot be condemned. They will also need to see proof of financial hardship, income, and ability to afford the lower payment. When filling out an application for modification, remember to be truthful; all information submitted will be checked.

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