AVOID FORECLOSURE

							AVOID FORECLOSURE

Written by Brandon Roberts
Saturday, 30 May 2009 12:18 -

In an uncertain American economy, a mortgage loan modification program may help countless
people avoid foreclosure and to stay in their home. What is such a program? A loan
modification is like a mortgage refinance, but there are differences. If you either refinance the
mortgage on your home or obtain a loan modification, you may obtain a more affordable
mortgage payment. The difference is that when you refinance your mortgage you will get a new
loan, but with a loan modification the terms of your existing mortgage will be revised or
modified. by BrandonRoberts

 In an uncertain American economy, a mortgage loan modification program may help countless
people avoid foreclosure and to stay in their home. What is such a program? A loan
modification is like a mortgage refinance, but there are differences. If you either refinance the
mortgage on your home or obtain a loan modification, you may obtain a more affordable
mortgage payment. The difference is that when you refinance your mortgage you will get a new
loan, but with a loan modification the terms of your existing mortgage will be revised or
modified.

 Refinancing a mortgage may be a practical option but for those who are facing financial
hardships, a mortgage loan modification program can be the best option for them.

 The mortgage loan modification program is recommended by financial experts especially for
those who can not manage to refinance their mortgages. They can be a big help to those who
missed three or more mortgage payments.

 Your eligibility will depend on who your mortgage is with. Some of the most basic and important
qualities that you must have to qualify are:

The financial institution you are using to get a mortgage loan modification will also look at
whether you have purposely defaulted to get a loan modification or not. Have you attempted to
work with your lender?

 You can only get a mortgage loan modification with whoever holds your current mortgage.
Because so many mortgages are bought and sold, even knowing this can be hard. It is usually
possible to determine this, unless the loan has recently been sold, by looking at your coupon
book or statement. Each lender might have its own loan modification programs.

 Since you can only get a mortgage loan modification with the party holding your current
mortgage, you must know who this party is. You can check the information from your coupon
book or statement. You must also take note that each lender might have its own loan
modification programs.

 To get the modification, you need to show a letter documenting your financial hardship, proof
you can make payments, proof of your current income, and a monthly expense report that is
detailed.

 Such programs exist because banks can get some of their money, rather than none of it. Many
banks, including Citigroup, Chase, Countrywide Mortgages, and the federal government,



                                                                                             1/2
AVOID FORECLOSURE

Written by Brandon Roberts
Saturday, 30 May 2009 12:18 -

participate.

About the Author:
consultations at 951-813-3625 or via email at b.roberts [ @ ]no-surprises-mortgage.com




                                                                                         2/2