By Loan Modification
So what is a loan modification? A loan modification is a change in one or more of the terms in a mortgage loan so the loan can be reinstated. This allows the consumer to stay in their home and make their payments more affordable.
The loan modification process has become more popular in recent years after the adjustable rates on people’s mortgages had expired and their monthly payments drastically increasing. This has caused many to either lose their homes or become very deliquent on their payments which lead to bad credit scores.
Some steps to think about before considering using a loan modification company.
1. Use a company that has experience in dealing with many loan modification transactions. There are some companies who will guarantee the success rate of a loan modification, but often fail in delivering that promise while taking a fixed fee upfront. Buyer beware!
2. Educate yourself in the loan modification process. This involves reading up on what the modification entails and visiting your government websites for more information.
3. Finally, work all the numbers and see if it makes sense to you. You can also receive references and advice from your family or other professionals on your course of action. Get loan modification help now.