A modification to an existing loan made by a lender in response to a borrower's long-term inability to repay the loan. Loan modifications typically involve a reduction in the principal balance, interest rate or an extension of the length of the term of the loan. In some cases a different type of loan or any combination of the three. A lender might be open to modifying a loan because the cost of doing so is less than the cost of default or foreclosure.
A loan modification agreement is different from a forbearance agreement. A forbearance agreement provides short-term relief for borrowers who have
temporary financial problems, while a loan modification agreement is a long-term solution for borrowers who will never be able to repay an existing loan.
Loan modification is a term very unfamiliar to homeowners but not for very long. What most people are coming to realize is that losing their house to foreclosure is becoming a real possibility. Home foreclosure in America today is at an all time high and is affecting many homeowners that never believed they could lose their home to foreclosure. Homeowners are feeling the crunch of higher interest rates and a slowing economy. A loan modification may be the only way for a homeowner to save the biggest investment of their life, their home. Negotiating with the bank for a modification of your home loan can be an overwhelming process for many homeowners. That is why retaining the services of an experienced law firm or real estate attorney rather than a loan modification company is of extreme importance.
The reality of today's market is one of steep drops in real estate values nationwide coupled with tighter credit requirements. The combination of the two makes a formidable opponent for someone facing an upcoming adjustment in their payments due to an adjustable rate mortgage (ARM). It’s not a good idea to take on your lender alone, as they would prefer.
My Loan Savers will match you with a Loan
Modification Specialist in your area to represent you in bringing your mortgage lender to reasonable terms that make sense in today’s volatile economy. They will fight to save your home and get you a payment you can afford. No matter what the reason, the sad truth is that millions of people are in the same boat. People are struggling to make their mortgage payments and live worry free lives.
The first thought most people have is to refinance their high interest rate mortgage. During normal times this would be the correct answer, although it’s always painful to pay the associated fees with doing the refinance. In today’s market this formula doesn’t work, between the drop in real estate value and the tightening of credit you cannot recreate your past deal.
My Loan Savers will work to alter the terms of your mortgage to fit a workable solution between you and your lender so it’s a win-win for all involved.
There is no more time to waste, now that you have a viable solution to your mortgage problem. Save your home and protect your family.
Save your mortgage and families life today.
Our consultation is FREE there is no
obligation to hear how we can save your
home and mortgage with out
refinancing and with out losing your home. Don't be the next victim at
least hear what we can do to help.
Disclaimer
The information contained herein is provided for general information purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing contained in this website shall be construed to be a guarantee or prediction of result. MyLoanSavers.com is not a legal firm or
loan modification company, only a
website to collect your information and
request. You will be contacted directly
by a qualified loan modification
company, foreclosure attorney or real
estate attorney. You consent to be
contacted by phone or email.
