The Loan Modification Act of 2008 was passed by Congress to give homeowners who find themselves in default, foreclosure, or facing other financial difficulties, the means to have their loans reevaluated and rewritten to make them more affordable and easier to repay.
There are a number of criteria that must be met before a qualified loan modification or workout plan is implemented.
The Loan Modification Act prohibits the causing of a negative amortization of the loan.
It prohibits the requiring of the borrower to pay additional points or fees.
It must improve the ability of the borrower to avoid foreclosure.
The agreement must also provide a regular scheduled payment that is reasonable for that borrower.
Loan Modification is arguably the most effective tool you can use if you are behind on your mortgage and in midst of a financial hardship to save your home from entering foreclosure. With a loan modification, the mortgage loan is restructured so that it is affordable and can fit comfortably into your budget rather than being an overwhelming monthly drain on already tight finances.
If you are under the threat of foreclosure or bankruptcy, you have to understand that it is a very serious matter. It may be a good idea to enlist the help of an attorney who is experienced in loan modification.
Majority of the home loans needing modifcation today are conforming mortgage loans made by big banks such as HSBC, CitiMortgage, Countrywide, Household, IndyMac, JPMorgan, Wells Fargo, Washington Mutual and Bank of America and based on Fannie Mae and Freddie Mac guidelines. If you are behind on your mortgage and do not see any relief in your near term future, you can benefit from a loan mod. Act now since time is really not on your side.
Call us now at 1-800-699-9740 and
have your home mortgage statements reviewed by our experts.
Or submit the form below for a free loan modification analysis from one of our specialist. This service is free and you are under no obligation.
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Loan modification agreements come in different forms but quite frequently they involve the reduction of mortgage's interest rate for a specified period of time so the homeowner can continue to make payments and stay in the home. Loans can also be modified so they have a longer amortization term (e.g. 40 year instead of 30 year) which will cause the payments to decrease. Principal writedowns are rare, but they do indeed happen where the bank actually writes down some of the principal amount. See how Bright Credit can help your Mortgage with a Loan Modification today!
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