Save a Bundle On Your Mortgage … Now!
Believe it or not, lenders do NOT want to foreclose on homeowners. In addition to the significant loss of mortgage income involved with a foreclosure, lenders also incur legal fees, potential repair costs, real estate commissions, transfer taxes, and countless other fees. In an effort to avoid potential future foreclosures, many lenders are awarding loan modifications to homeowners in financial distress even before they’ve missed a payment.
These costs and a steadily decreasing market are causing many lenders to take significant losses on foreclosures and they are realistically anticipating more in 2009 and 2010.
And let’s face it… it’s time to be realistic! If you are currently having trouble making your mortgage payments or anticipate that you may soon have difficulty, you MUST be proactive and take advantage of the political push to modify home loans now so that you will be able to afford your payment.
Here’s what you need to do TODAY:
1. Know and understand the terms, rates and due date of your current adjustable home loan.
2. Be honest with yourself about your current financial state and ability to withstand a rate adjustment when it is due or when interest rates increase.
3. Start your loan modification TODAY by contacting your lender’s loss mitigation department OR hire someone that specializes in this field.
It is my personal opinion that this is potentially a VERY small window of opportunity and will only be available to borrowers for as long as the political climate is sensitive to borrower’s financial needs. Loan programs are changing constantly and there is no guarantee that borrowers will be able to renegotiate the terms of their loans.
MARK MY WORDS… the time to act is not now… it’s right now.
So here’s the catch… this will not necessarily be a “fun” process and it’s not guaranteed to be awarded. Every lender is different and has different underwriting standards. For this reason, I suggest contacting people who specialize in this field and getting several expert opinions on the likelihood of your lender awarding your loan modification based on your specific financial situation. Please be advised to beware of companies that are looking to charge you exorbitant amounts of money for this service.
Don’t be discouraged! Many loan modifications are being awarded every day and people are enjoying the benefits of a lower interest rate and payment, a longer term (up to 30 years!), and a little better night’s sleep. You can do the same! Start the process today!