The Best Time Ever For Loan Modification

If you are a homeowner who can no longer afford his or her mortgage, this is the best time to contact your lender about a loan modification.

At this time the government is vividly encouraging all lenders to offer affordable and sustainable solutions to help borrowers and stop foreclosure. Yes, more than ever your lender will help you keep your home. Therefore, it is the best time for you to take advantage of this window of opportunity, by presenting your loan modification application and proving to your bank that you can afford to stay in your home with a new, lower monthly mortgage payment.

More than ever your lender is motivated to help you, because by doing so they are helping themselves.

Your chances of having your lender accept your loan modification proposal are very high these day. Your lender may agree to lower your interest rate, give you a longer term, including missed payments, and even reduce your principle balance.

The goal for you is to get to an affordable monthly payment to keep you in your home, and the goal for you lender is really one and the same. Remember, banks cannot afford foreclosure anymore.

There is so much information about loan modification that it might well be that you are very confused right now and don't know what to do or where to start?

What you really need is the basics. However, it doesn't mean that it is not important to know the basics well. Knowledge is power, and if you do your homework you will have the power to go ahead with your loan modification application and most likely get approved.

A loan modification can stop a forthcoming foreclosure or help you make your payments which you can't afford anymore. With your loan modification you will have to prove that you can meet the new payment terms of the modified loan. The difference between a loan modification and refinance is that the terms are more reasonable and affordable than those of a refinanced loan.

1) You've made your mortgage payments on time for at least one year.

2) You've missed ONE payment , but your delinquency is not a pattern.

3) You know that your mortgage payment is going to adjust in the next two-three months and will not be affordable.

4) You've had a temporary financial setback due to an illness, loss of work and wages, but you will get back on your feet.

5) You have a second property with a renter.

6) You owe more than the fair market value of the home.

7) You have more than one mortgage

All these, and more reasons not mentioned here may make you a perfect candidate for loan modification. Get informed and see if you qualify for a loan modification.