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Mrs Jules Oliver

Bio Statement Payday Loans Online Direct Lenders Only The Loan Modification Optioncash advance direct lenders only

Homeowners that are having financial difficulty in paying their monthly mortgage payment who also are interested in keeping their home should consider asking their bank, mortgage lender to modify their mortgage loan as instead of having to sell their home by short sale. This is of course if you can afford the payment. Many homeowner's are way over their heads but others, and these are ones I am speaking of can continue to make payment but just need an adjustment.

A loan modification in principal is tools in assisting homeowners keep their homes by either modifying their principal balance of the mortgage, lowering the interest rate of the mortgage, or a combination of the two. A loan modification can help homeowners who are severely delinquent in their monthly mortgage payments bring their payment status current as well as the possibility of waiving any and all past due payments. This is a great alternative to a short sale, which in essence means you walk away with zero.

As it was expected many of the Country's largest mortgage lenders and loan services such as Citi, Chase Mortgage and Litton direct cash lenders no credit check Servicing are aggressively assisting homeowners who are in financial distress by reducing principal loan balances, reducing interest rates and converting adjustable rate mortgage loans into low, fixed rate mortgage loans. If you think about it, it makes perfect sense. The alternate for them is a costly foreclosure which may also mean putting themselves open to take over by FDIC.

How to qualify

You must demonstrate a real financial need to qualify for a mortgage loan modification, and you will be required to provide documentation to support your request for a loan modification. Normally you will need to provide last two months bank statements as well as pay stubs. Remember you need to prove to the lender that you are in fact in need of help but can and will have the means to continue payment. You will be required to complete a financial form, listing all forms of income and your monthly debt obligations such as credit cards, car cash advance direct lenders only, utilities, etc. A quick analysis of your debt to income ratio (gross monthly income divided by your total monthly obligations) will give your mortgage lender a clearer picture of your current financial position. Unfortunately, most mortgage lenders will not consider a loan modification request until the debtor is severely delinquent on their current mortgage, which often begins when the mortgage is more than 90 days delinquent. You will be required to provide some form of proof of income, such as recent pay stubs or a recent bank statement.


Once your mortgage lender has approved your request for a loan modification, you will be required to sign several documents agreeing to accept the mortgage lender's terms and conditions of the loan modification, which simply re-iterate the terms and conditions of their original mortgage direct lender loans only. Once completed, they start fresh, with a new mortgage loan, many times with a new interest rate, a lower monthly payment.

The first step in the process is you have to call your lender and start the process. I recommend that you do it yourself, there are many firms out there that charge thousands of dollars for the same thing you can do. Time to take control.