Loan Modification is a process that has been around for a long time. Many times it has been the forgotten solution for many. For those defaulting on their loan or about to have their home sold by the bank, it may be an answered prayer. Why are more people talking about Loan Modification more than ever? Banks are more than willing to compromise now, instead of spending money forclosing.

Why is it easy for candidates to qualify...

1.There is not credit check

2. No appraisal

3. Late mortgage payments OK

4. No Equity OK

5. Unstable Employment OK

 

Unlike a refinance, in this case you are only changing the interest rate and at times the term of the loan. This' another option that can benefit the banks and customer.

 
Posted by VERONICA MEJIA on 01/31/2009 07:06 PM   Comments (1)   Loan Modification in the Mortgage / Finance Channel  
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1 Comments on Why is there so much talk about Loan Modifications?

NOV
04
2009

No answered prayers here.  I got equity, so they say "you can sell it."  I don't qualify anymore, they say "aww that's too bad."
8:31pm • #1


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VERONICA MEJIA

Garden Grove, CA

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Home Loan Preservation

Cell Phone: (714) 658-9114

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