How to Get a Mortgage Loan Modification [mortgageapproved.blogspot.com]
www.bills.com Ethan Ewing, President of Bills.com provides advise and tips to get the best deal on your mortgage loan online. These days, getting a mortgage loan can seem overwhelming. It does not have to be complicated if you follow a few simple steps. Watch this video with Ethan Ewing, President of Bills.com, to learn about tips to get the best possible rate on your mortgage. Find more personal finance advice, services and information at bills.com
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Homeowners are asking the question, how do I get a loan modification? The best way to get your current mortgage changed is thru your current lender. You need to let them know that you are getting behind on your bills, and that you want to learn more about the loan modification process.
The U.S. Government has over 75 billion dollars available to help homeowners who have fallen behind their mortgage payment and could be facing foreclosure, get a second chance at the original mortgage loan terms, and bring down the payments so that they can hold on to their property.
When you apply for the loan modification you will need to show that yes indeed you are having a problem paying your bills, and that you do want to find a way to hold on to your home and not go into foreclosure or even bankruptcy. Make sure you write a letter of hardship that explains your current situation and why you need the help.
The lender will be basing your new mortgage terms on how much you will be making in the future and how much you can afford to pay a month for the modified loan.The theory is that it is better for someone that owns a home currently, and wants to stay there but is having financial shortfalls, is better than an empty property and a loan that went bad. That is why the money was put aside for the loan modification program. You will have to put in about the same amount of effort you did when you originally bought the house, but if you qualified the first time, chances are you will qualify again.
Take time to talk to your lender and let them know about your current financial situation. Make sure you do research on your end to better understand the paperwork they will need, and when you show that you have done your homework, you might be surprised at how simple the process really is.
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