Do You Need Loan Modification Assistance?
Loan modification is the process whereby a homeowner’s mortgage is modified and both the lender and borrower are bound by the new terms. There are many types of mortgage modifications including:
- Reduction of the interest rate
- Reduction in payments
- Converting variable-rate loan to a fixed-rate loan
- Reducing the principal of the loan
- Extending amortization up to 40 years
- Addressing tax arrearage, escrow fees, taxes and insurance
Is a loan modification right for you?
Common hardships that will qualify you for consideration of a modification:
If any or all of the above circumstances apply to you, you may be eligible for loan modification. A second factor for loan modification is your income. The goal and stated aim of loan modification is to reduce a homeowner’s mortgage payments to equal 31 percent of their gross (pre-taxed) income. If your present mortgage payment exceeds 31 percent of your gross monthly income, then you should be able to qualify for a loan modification.
There are experienced mortgage attorneys that will look at your situation for free and inform you of your legal rights, especially if you have to stop making your monthly payments or already have. Contact me and I can refer you to the proven and experienced mortgage attorneys I have worked with to find out if you can be considered for a loan modification.
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The Ruhl Team and Big Block Realty are not associated with the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan or accept a short sale. Total cost to you will be zero dollars. Your lender will pay for our services. You can stop using our service a any time. It is not necessary to pay a third party to arrange for a loan modification or other form of forbearance from your mortgage lender or servicer. You may call your lender directly to ask for a change in your loan terms. Nonprofit housing counseling agencies also offer these and other forms of borrower assistance free of charge. A list of nonprofit housing counseling agencies approved by the United States Department of Housing and Urban Development (HUD) is available from your local HUD office or by visiting www.hud.gov