In the United States right now, foreclosure rates are higher than they've ever been. Homeowners are literally fleeing their homes and letting the banks deal with what they leave behind. Since banks are in the banking business and not the real estate business, they don't really want the houses back. If you're in a place where you think you'd be better off leaving your home because you can no longer afford your mortgage payment, you should first look into one of the many programs available to you! It IS possible to re-work your mortgage loan to better suit your financial needs.
Loss Mitigation, Loan Modification and Home Loan workout programs are three options you have. Many companies offer one or all of the programs just mentioned, but before signing up with any company, check them out first! Make sure they are reputable. Financial relief is possible with a successful program offered by the right company.
Take, for example, a borrower with a $400,000 mortgage loan at 8%, living in a home worth $340,000. Once the home has been foreclosed, the bank has to either re-list the home on the market or sell it at an auction. Re-listing or auctioning off the home could potentially add another $60,000 in losses for the bank.
Going off the example above, the bank will wind up losing at least $120,000. However, if the bank were to accept a modified loan and lowering the interest rate to a 30 year fixed term loan at 5.25%, the bank will net nearly $400,000 in future interest payments. It's a definite win/win situation!
Homeowners can occasionally be successful at working out loan modifications on their own, however default rates with attorney-backed modifications are 5% or less. Self-help modifications are defaulting at over 50%. This is why banks prefer to work with attorneys.
More often than not, if an attorney structures a loan modification for you and it doesn't work out, their fee is refundable. You're likely to see incredible results from restructured loans! Loan principal reductions, interest rate reductions, extended payment terms and lower monthly payments are all feasible when you modify you loan.
We'd be happy to give you some more information about our loan modification program, so give us a call! We can be reached at 1-888-282-1011. If you're in a financial bind or just need a way out of your adjustable rate mortgage, let us see what we can do to help you! - 15224
Loss Mitigation, Loan Modification and Home Loan workout programs are three options you have. Many companies offer one or all of the programs just mentioned, but before signing up with any company, check them out first! Make sure they are reputable. Financial relief is possible with a successful program offered by the right company.
Take, for example, a borrower with a $400,000 mortgage loan at 8%, living in a home worth $340,000. Once the home has been foreclosed, the bank has to either re-list the home on the market or sell it at an auction. Re-listing or auctioning off the home could potentially add another $60,000 in losses for the bank.
Going off the example above, the bank will wind up losing at least $120,000. However, if the bank were to accept a modified loan and lowering the interest rate to a 30 year fixed term loan at 5.25%, the bank will net nearly $400,000 in future interest payments. It's a definite win/win situation!
Homeowners can occasionally be successful at working out loan modifications on their own, however default rates with attorney-backed modifications are 5% or less. Self-help modifications are defaulting at over 50%. This is why banks prefer to work with attorneys.
More often than not, if an attorney structures a loan modification for you and it doesn't work out, their fee is refundable. You're likely to see incredible results from restructured loans! Loan principal reductions, interest rate reductions, extended payment terms and lower monthly payments are all feasible when you modify you loan.
We'd be happy to give you some more information about our loan modification program, so give us a call! We can be reached at 1-888-282-1011. If you're in a financial bind or just need a way out of your adjustable rate mortgage, let us see what we can do to help you! - 15224
About the Author:
Jon Ochs is the founder/CEO of NCA Credit Repair Inc., a nationally recognized and trusted Credit Repair Company.
