Is a loan modification right for you? Do you meet the requirements of a loan modification to assist you in keeping your home? Below are a few guidelines that may help you decide.
If you are currently in a:
- negative amortization loan
- interest only loan
- adjustable rate loan
- facing foreclosure
Especially if you have financial hardship such as:
- loss of employment (but currently employed)
- loss of, or reduced income
- recent divorce or separation
- health issues or excessive medical bills
- excessive debt
- death of a spouse, family member, or co-income generator
- increase of monthly payment obligations
- loss or failure of business (but currently employed)
- property damage or destruction
- call to military service
- incarceration, loss of work
- inability to refinance due to devaluation of property, negative credit ratings, etc.
If you meet some of the above criteria, now is the time to modify your current loan terms. This is not a re-finance, it is just a modification to the terms and interest rate of your current loan.
In most cases you can have your payments substantially reduced, have a fixed rate loan (negotiated with very low interest rates), and sometimes even principle reductions. Your payment should decrease by about 15-40% and the foreclosure process, if any, will be immediately stopped. All with terms that are negotiated by an approved, attorney backed company.
If you would like more information, or a FREE "Loan Evaluation Form", please contact me at Allen@AllenMeredith.com, or call me directly at 760-271-5153.
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