There’s a man who works very hard to keep his family comfortable and happy. He puts in long hours to make the mortgage payments every month; unfortunately, he’s recently had a financial setback and is now having trouble doing so.
Pittsfield, MA -- (SBWIRE) -- 03/08/2013 -- Credit-yogi.com understands this man’s fear of losing his home to foreclosure and can offer information about modifying his mortgage loan, such as:
- Understanding Modification
- How Mortgage Modification Saves Homes
- Where to get Modification
- Government Assistance
Mortgage Modification Defined
The gentlemen mentioned above had a change in his income and is having a hard time making his mortgage payment because of it. He’s worried the bank will foreclose and he won’t be able to stop it. He can stop it, though, by learning how to modify his mortgage loan. Modifying a mortgage means making changes to its original terms. These changes include reduction in principal, lower interest rates, or a longer repayment period. Any of these will result in a lower monthly payment.
Modification to Save a Home
If this man is asking himself when to modify mortgage, he’ll find it an easy question to answer. He should begin the process the moment he realizes there’s trouble by assessing his finances and his debt. He has to make sure he can handle the lower payment. By obtaining a mortgage loan modification, this man can avoid foreclosure and keep his home because the amount of his monthly mortgage payment will be reduced. This is how a modification can save a home.
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Obtaining Mortgage Modification
To modify mortgage loan, the man should apply with the lender that originally gave him the mortgage. He must request the modification in writing and supply documentation supporting his claim of financial hardship. There’re a lot of forms to fill out, which can be time-consuming, but he must do it – and do it correctly. A mistake will negate the application and cause him to have to re-apply. Most banks have in-house modification programs, so starting with his original lender is smart.
Government Modification Help
If this guy’s first lender cannot approve his application for modifying his mortgage loan, he is not without recourse. He can ask the federal government for help. President Obama’s HAMP (Home Affordable Modification Program) can assist the man in getting a government sponsored modification which will reduce his monthly payments and keep him in his house. There are many qualifications for the program, but it’s really worth it to look into it.
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