Phoenix, AZ -- (SBWIRE) -- 05/01/2014 -- Those facing foreclosure should look into a loan modification company. These businesses help people avoid this financial disaster by changing the terms of their mortgages. The application for modification is similar to that of the original loan, and can take the same amount of time to hear back about. Credit-yogi.com can cut that time down to 5 days or fewer, and is here to share its knowledge of this subject, including:
- Mortgage Audit Corp
- Government Modification Options
- Non-U.S.-sponsored Choices
- Bankruptcy Solutions
Meet the Mortgage Audit Corp
As partner of Credit-yogi.com, Mortgage Audit Corp provides consumers with assistance to modify a mortgage quickly. While not a loan company, Mortgage Audit does offer loan modification services. Because they use the exact same software as other financial institutions, they can let a person know whether or not he’s been approved rapidly. This company can tell someone about all of the programs available and how to access them. Overall, it can benefit a consumer, which is the point of the partnership.
Help from the U.S Government
The best loan modification companies facilitate use of government-backed modification programs such as HAMP and HARP, which modify and refinance loans to lower the payments. Working with HAMP-approved lenders, an individual gathers such information as proof of his financial hardship, pay stubs for the past 3 months, and proof that the original mortgage was not taken out before Jan. 1, 2009. The application will be processed, and within anywhere from 3 to 9 months, the applicant will receive his response.
Sometimes, a person’s original lender has an in-house modification or refinance program. This can be helpful, although they aren’t mortgage modification firms, which are far more effective. When a person applies for either of these financial options, he must go through the same application process as he did originally. The procedure can take up to three months to complete, what with errors in tabulation on the part of either party, misplaced paperwork, and other delays. The situation isn’t much better if one chooses a credit union, although their interest rates tend to be lower than their competition’s. Whichever choice one makes, he should not expect a fast response, unless he goes through Credit-yogi.com and Mortgage Audit Corp.
The Feasibility of Bankruptcy
Filing for either Chapter 7 or Chapter 13 bankruptcy can stop a foreclosure. Although it cannot be done through even the top home loan modification companies, it can be through one’s original lender. The moment a bankruptcy is filed, the automatic stay goes into effect, preventing creditors from trying to collect debts without permission of the court. This can give a debtor time to figure out how to come current on his mortgage or to find a less expensive place to live.
Established 15 years ago, Credit-yogi.com had one goal – to supply truthful, rapid responses to the financial inquiries of consumers. Since then, this no-cost website has unswervingly accomplished that aim. For a free initial consultation, dial 866-964-9644.