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What is a Loan Modification- Basic Tips For the Unaware by toriola1


									Presented by Daniel Toriola
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What is a Loan Modification? Basic Tips For the Unaware By Walter Sigmore

As the most popular and available option for foreclosure avoidance for most homeowners, loan modification is constantly growing in demand. But a lot of people looking into modifications only know that it can lower their interest rates, and are left wondering what is a loan modification. There is no mystery around it: Most don't bother to ask many questions until it all comes down on the line. But a little information before foreclosure comes knocking on the door can save more than a headache. Here are some hints and bits of information on modifying loans for those who are just now looking into the subject and wondering what is a loan modification: - Loan modification is an agreement with a lender to lower and fix interest rates based on a household's debt-to-income ratio. Some lenders also offer loan modification programs that wipe away part of the principal. - Modification is only available to borrowers who are going through a period of financial hardship and are having difficulty making ends meet and affording their monthly mortgage payments. - Any borrower looking into modification can only have it done once, and it must be on the piece of property they reside on. - The maximum property value allowed for modification is usually $795,250 dollars -- some lenders require it to be less. - Calling a lender to request their requirements is a must before applying for modification. Knowing a lender's requirements can assist in filling out the application, writing the hardship letter, and gathering the financial documents needed to be approved. - The hardship letter to be send in to a lender must state the circumstances around ongoing financial hardship as well as the rate the homeowner is seeking. - All lenders require recent pay stubs (bank statements for those who are self-employed), documentation on monthly expenses, and the most recent income tax documents. Some require a written budget.

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- There are FHA-appointed representatives available in each state who can give free consultations to homeowners who are not sure about their chances of getting a loan modification. These representatives can also serve as mediators between homeowners and their lenders to come to agreements on modification terms. - It usually takes up to eight weeks for a modification application to be worked out, whether approved or not. Utilizing an FHA representative may speed up the process. To answer the question "What is a loan modification": A loan modification is the only way most homeowners can stay in their homes if they're having financial troubles big enough to affect their ability to pay their mortgage. For more information and resources about home loan modifications, visit the #1 loans modification resource on the net:

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Loan Modification and Your Credit Score - Does One Affect the Other? By Lindsy Emery

The best way to avoid foreclosure and to keep your home is a loan modification. But does a home loan modification affect your credit rating in any way? The affect a loan modification has on your credit rating depends on a few factors: * Were you on time with your payments before you got a loan modification or have you sometimes been late? * Did you and your lender see eye to eye about reducing the recoverable principle as part of the loan modification? It is not the loan modification, on its own, that will negatively affect your credit rating. Late or missed payments or defaulting on any of the conditions of your first loan will. A loan modification sometimes allows the lender to forgive some of the principle that is owed. In this case, it is recorded that you paid less than what you agreed to pay and this will affect your credit rating in a negative way. Most often, a homeowner will already have missed some payments before seeking a loan modification. In this case a loan modification can actually help the borrowers since his contract is now current and thus the loan is considered current. There are no set procedures or any precedence set regarding home loan modifications since they are a relatively new choice for homeowners, so credit agencies may deal with them in different ways. One thing you might want to do is come to an agreement with your lender that states your rating will be restored. You can request that the loan be listed as current with all credit bureaus once the loan modification is approved. They do not have to do this but it never hurts to ask. Getting back on your feet financially after obtaining a loan modification involves restoring your credit rating. Avoiding foreclosure and getting a new start with a lender is a good beginning. Some help and some education will help you learn what to do to save your home. If you are still worried that loan modification will affect your credit score then you can learn more through a variety of sources. The Complete Loan Modification Guide is one source of information that also includes all the necessary forms and gives your directions on filling them in correctly. If you are thinking of pursuing a loan modification, do so after reading this guide. This way you are informed and know what to do when you begin. If you truly want to know if a loan modification will affect your credit rating visit this site for an easy to read, concise guide: For tips and facts about how to get approved for a Mortgage Modification, Visit our simple, no nonsense loan modification guide and resource:

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