In today's news, people are really giving up hope as far as their home is concerned. With the unemployment skyrocketing, and the housing market in the center of the storm, numerous people feel that they do not have any more options. People are walking away from their homes and leaving the banks responsible for their mortgage. Not only is this unfortunate for the homeowner, but the banks/investors as well. With this said, all is not lost. Homeowners now have options. The option to do a loan modification on their current mortgage in order to save their home.
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With a loan modification, the home loan is restructured to such an extent as to make it affordable and fit comfortably into the borrower's budget rather than being an overwhelming monthly drain on already tight finances. Loan modifications come in different forms and involve the reduction of mortgage's interest rate, changing the loan to a fixed term as well as reducing the amount owed to the lender in specific cases.
Taking advantage of a government mandated loan modification program is the best method for homeowners in the midst of financial hardship to save their homes from entering foreclosure. Unlike the refinance boom, a loan modification is not based on a persons credit score. A great/bad fico score is not the determining factor for a person getting qualified for a loan modification. It is based on your hardship, what homes are currently going for in your particular community as well as your debt to income ratio.
Please be advised that all is not lost as far as your home is concerned. Take advantage of the loan modification program as it is designed to only help you the homeowner.
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