Loan Modification Q&A - Top 10 Questions Answered- Question #1 - What exactly is a loan modification?
The loan modification procedure can be trying and confusing for countless of tormented homeowners. So let's get right to it. A loan modification is a permanent alteration (yes... it's permanent if you know how to do it properly) in one or more conditions of a mortgagor's home loan, allowing the loan to be reestablished. By going about the right way it results in a payment the homeowner can manage to pay for.
A word of caution - I've counseled several home owners that were not able to accomplish this on their own. The reason being they were in too much of a rush and didn't submit the proper paperwork required for a successful loan modification.
In the coming posts I will discuss the paperwork in detail. If for any reason you can't wait for it you can contact me directly at 646-294-2561 or email me at ProRealtor@verizon.net I will be happy to assist you.
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Disclaimer: The above Real Estate information was provided by Vincent Martinez, Realtor for the #1 Real Estate offices in New York and the #4 office in the USA. Vincent Martinez is a Certified Realtor Short Sale Professional by the Long Island Board of Realtors (L.I.B.O.R.) and a member of Prudential Douglas Elliman - Licensed Real Estate Broker. Vincent Martinez does not guarantee or is any way responsible for the accuracy of the information in this blog post and information provided is without warranties of any kind, either express or implied. Information here represents the opinions and ideas of the author; comments by others may not express the views of the author. Copyright © 2008 By Vincent Martinez, Loan Modification Q&A - Top 10 Questions Answered- Question #1 - What exactly is a loan modification? All Rights Reserved.
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