Are you interested (perhaps desperately interested) in learning about how to save your home through loan modification? You’re not alone. It’s an idea many people are becoming intimately familiar with these days. If you’re just starting your research, here are a few basic ideas about loan modification to get you started.
Q: What is a loan modification?
A: Okay, let’s start right there. A loan modification is when your lender agrees to change the terms of your existing mortgage to make it more favorable for you. They do this to make your monthly payments more affordable or to let you catch up on past-due payments.
Q: Is this the same as refinancing?
A: No. When you refinance, you are obtaining an entirely new mortgage. A loan modification is when you tinker with the terms of the existing mortgage. There should be no closing cost fees or anything else except maybe a small processing fee.
Q: Can I qualify for a loan modification?
A: That’s the $64 Thousand Dollar Question, isn’t it? Chances are you can qualify for that loan modification, especially if you contact Empowered Investor at 714-820-4200 and ask us to put you in touch with the resources and information that teach you how to approach your lender in a way that almost guarantees results.
Q: Can I access the government “bailout”?
A: Not directly, but you can benefit from it. The Federal Government is distributing this bailout money into troubled financial institutions. There is no program to give money directly to troubled homeowners. However, lenders who accept the government cash are strongly encourage (sometimes required) to offer loan modifications to people like you.
That’s a quick primer on loan modifications. Please contact us if you need more information.
