Frustrated homeowers are confused about their options and need to know how to figure out all of the loan modification programs and other options that are available to them. The mortgage meltdown has affected millions of families and if you are one of these homeowners stuck with a bad home loan, you need answers and solutions so you can get your life back on track and get a fresh start.
The Treasury Department and many lenders have announced new loan modification programs aimed at providing streamlined and systematic loan workout solutions to help stop the rising foreclosure rate and keep American families in their homes. You need to get educated about all of your options, learn as much as you can, then make the best decision for you and your family.
Below is a brief outline of the loan modification programs and options available to homeowners facing rising, unaffordable home loan payments.
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Option |
How it works |
Key Benefits |
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Repayment Plan |
Distributes your delinquent payments Over a pre-determined period of time. The monthly payment amount is added to the usual mortgage payment |
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Loan Modification |
A re-working of the existing loan that can add in any missed payments, lower the interest rate, lengthen the term and reduce principle balance |
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Partial Claim (FHA loans only) |
The Department of Housing and Urban Development (HUD) advances a loan to repay the past due interest and escrow amounts |
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Short Sales |
Allows you to sell your home and use the proceeds to pay off the mortgage if you are unable to maintain payments, even if the market value is less than the total amount owed |
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Deed in Lieu of Foreclosure |
Allows you to transfer your property voluntarily if you are unable to maintain payments and cannot sell the home |
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Each homeowner faces a unique situation and depending on your circumstances, your lender may be able to work out a loan modification program that will help you get out of default and back on the path to financial security. Don’t give up without a fight-new loan modification programs are being offered every day to assist distressed borrowers. Take the time to get informed and learn as much as you can about the loan modification process. Don’t be a victim again-there are options you can work on.
There is a lot of information on loan modification programs on the internet, but truthfully, most of the information is out of date, incomplete or worse-inaccurate. If you want the best chance to successfully modify your home loan, you need The Complete Loan Modification Guide. This is an easy to follow Guide that you can purchase and download right online. The Complete Loan Modification Guide takes you step by step through the loan modification process with easy to follow instructions, all the loan modification forms you need and detailed instructions on how to complete them. Learn how to write a compelling hardship letter, compute your debt ratio so it is acceptable to your bank, know your legal rights, and much more. This is not rocket science, but you do need to take the time to learn and prepare so that your loan modification application will be approved and you can get a fresh start with your lender. Thousands of homeowners just like you have successfully modified their home loan-you can too! Download The Complete Loan Modification Guide and get started now!
Home Edition Loan Modification Kit
For more information about loan modification programs, please visit us at:
http://www.myloanmodificationcenter.com
1 Response
I have a loan with Wachovia, I have contacted them several timesasking for help but they said that my mortgage payments exceeds 50% of my income and that they could not help me unless I am late on my payments. Shall I really stop paying so that they can look at my situation?
Posted on December 2nd, 2008 at 5:08 pm
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