A loan modification allows a struggling homeowner the opportunity to begin again with the same lender by modifying, or rewriting, the terms of their current mortgage to a new loan that they can afford long-term. This is done with the goal of preventing foreclosure and keeping the borrower in their home. Foreclosure is also an expensive process for the lender. The economy is in an extreme downturn. The housing market is also in a terrible condition with foreclosures at an all-time high and no end in sight. The government, through President Obama's stimulus package, has become involved and is offering incentives for lenders to use big picture loans direct lender online installment loans modification as an alternative whenever feasible.
The benefits of a loan modification can be significant, if the homeowner is aware of what to request from their bank or mortgage company. The most desirable big picture loans installment loans no credit modification is the option that provides a solution in the form of fixed payments that the homeowner can afford and hopefully stay current on into the future. Some benefits that may be extended to you include a reduced interest rate, extended terms on your big picture loans indian loans no credit check, and maybe even some reduction of the balance on the principal!
The mortgagee will be required to fill out a complete and truthful application. This will require a financial statement, income verification, and proof of assets, verification of the current market value of the home, and a hardship letter explaining why this assistance is required. The applications will only be accepted for a limited time, so don't delay. But, at the same time, to reap the benefits of loan modification, don't hurry either! Why? Because only one application is allowed, you need to do it right the first time. So, be sure you carefully prepare your financial statement. Be knowledgeable about the eligibility requirements beforehand, allowing you to present your situation and figures in the most positive light.
Various guides are available online that can provide assistance to you in each step of the process from preparing your financial statement to writing your hardship letter.
If you seek a solution to your mortgage burden and hope to avoid foreclosure, immediately contact your lender to inquire about their participation in the government stimulus package loan modifications.
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