Loans If a homeowner under financial hardship is considering applying for home loan modification, it might be a good idea for them to look into hiring a modification company to take care of the negotiations. Companies mediate between the borrower and the lender to reach and agreement on an acceptable interest rate and monthly payments. Under the new Home Affordable Modification Program, there have been several changes to the loan modification process that have made loan changes easier to reach than ever. But there is a difference from being able to reach and being able to obtain it. Lenders work around the criteria set by the Home Affordable Modification Program and create their own specific guidelines for eligibility. Some lenders are more difficult than others eligibility-wise. The qualification guidelines per lender are based around the homeowner/borrower’s home value, income, circumstances of hardship, bankruptcy history, credit, and even late payments. The late payment qualification variations are notable in cases where the homeowner has tried to scrape together enough money each month to pay the mortgage and barely lived on a mere few extra dollars a month. In those cases, lenders who will only accept homeowners who have made a late payment or two completely toss those close call cases to the side. A loan modification company can make sure the homeowner’s plea for assistance does not merely get tossed to the side. A company can ensure that the borrower’s rights are upheld to the standards of the Home Affordable Program and see to it that the homeowner gets the reductions that they need. While it is possible for a homeowner to take on the task of applying and negotiating modifying the loan with his or her lender on their own, the chances of success are low. Even with the incentives the administration is offering lenders, they are not completely open to accept modification applications as those incentives either do not cover the amount they lose on interest reductions or are not available to them in the long run. It is important for a homeowner to be aware that there are several scams out there running under the guides of loan modification companies. If a homeowner receives any form of solicitation claiming to be able to help them solve their mortgage woes, it is a scam. A legitimate company does not seek out homeowners and solicit their business. There are also scams that require an up-front fee for consultation or negotiation, which is also fraudulent. If a homeowner falls for one of these scams, little or nothing will be done for them and they will undoubtedly lose money they thought they were using to help them, not to harm them. About the Author: 相关的主题文章:

 

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