Understanding Loan Modifications - What You Don't Know Could Hurt You!


More and more Americans are at risk of foreclosure and losing their homes as the U.S. economy seems to deteriorate on almost a daily basis. If it's not banks shutting down, it's the unemployment rate increasing to rates not seen since the great depression.

Lenders are swamped with applications from home owners that are in default and don't have the man power to keep up with the demand from home owners that want to save their homes. The dream of home ownership seems to be withering away and is becoming more of a nightmare for home owners as their homes are losing value on a monthly basis and many have adjustable rate mortgages that spiked up and made the payments no longer affordable. Today the solution for many home owners that want to keep their homes is known as a Loan Modification. This is one very powerful tool that have helped the average Joe's and Jane's out there to save their home from foreclosure.

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If you find yourself falling behind on payments because of an adjustable rate mortgage, reduced hours at work, divorce, illness or any other type of financial hardship, then working with a loss mitigation expert can be your saving grace. Although you can attempt to work directly with you lender to get a modification, it is highly recommended to have a professional handle your case as they know exactly what the lenders are looking for and can increase your chances of actually getting approved. If you attempt the loan modification yourself, you will find that the lender will normally try to take advantage of the home owners and not work out a mutually beneficial modification. Statistics have shown that 55% of home owners that attempt a loan modification without a professional, usually end up back in default within the first 6 months.

The modification process is a very time consuming and frustrating process, as each lender has its own standards and procedures that makes it very difficult for many home owners to attempt on their own. To make matters worst, these lenders seem to change their guidelines and requirements almost on a daily basis to accommodate the ever changing real estate market.

A good loss mitigation company can use TILA (Truth In Lending Act) and RESPA (Real Estate Settlement & Procedures Act), as leverage to get a speedy and beneficial modification that may include a rate reduction ( 0% -6%) and or principal reductions to today's current market value. These two ACTS were developed to protect borrowers from predatory lending.

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