PIKKA gave you some good advise. If you want a loan modified go to the company that gave you the loan in the first place not a third party.
Loan Modifications What is a Loan Modification? By Justin Pritchard, About.com See More About:loan modificationforeclosurescredit scores Loan Modifications are changes to your loan agreement. Your payments get more affordable, and you dont have to default on your loan. Banks choose to offer loan modification programs because it is easier to work with you than to go after you.
Why do Banks Offer Loan Modification? If you stop making payments, the bank has several options. Attempt to repossess property (a home foreclosure) Attempt to collect, or hire somebody to do so Give up hope and accept the loss Watch you declare bankruptcy and receive little or nothing None of these options are attractive to you or the bank. Your credit will suffer, and theres a financial cost to the bank.
What is Credit? Is there another option? Yes - banks offer loan modification so that they don't have to do any of the above. Loan modification can be less expensive and more profitable for banks, but not in every case.
How do I Get a Loan Modification? To get a loan modification you generally have to ask. Call the bank and let them know about your financial situation. Just be honest and explain whether or not you'll be able to make your payments. If they agree, you may qualify for a loan modification.
Banks have different criteria, so there is no way to know ahead of time if you'll qualify for loan modification - you just have to ask.
What Types of Loan Modifications Exist? Banks can change the terms of your loan to make the payments more affordable. These changes may be permanent or temporary. In any case, the result is a more manageable payment.
Loan Modification Options Here's what you need to know about requesting a mortgage modification. Tips for Asking To make the process smoother, be prepared when you request a mortgage modification. The bank will want evidence that you cannot make payments. Gather the following items:
Monthly income, and detail of where it comes from Monthly expenses, broken down by category (mortgage, food, transportation, etc) Paystubs Bank statements Loan statements and agreements If you present a snapshot of your financial situation, the bank can make a decision on your mortgage modification more easily.
How Long Does it Take? You should expect to spend several hours of your time requesting a mortgage modification. You'll wait on hold when you call, you'll have to present your case, and you'll have to hunt down documents and forward them to the bank. This is no small task.
After you request a mortgage modification, you should expect to wait several weeks before the bank actually does anything. During that time, do what the bank tells you - for example, they might say that you have to continue making payments to qualify for the mortgage modification.
Mortgage Modification Helpers Plenty of businesses want to help you request a mortgage modification. The price you pay for their services is steep - often as much as a monthly mortgage payment. You don't need anybody to help you request a mortgage modification (your bank makes a decision based on your financial situation, not who is asking).
Furthermore, you'll have to provide the same information to the helper as you will to the bank. Just call your bank first and ask what you need to do for a mortgage modification. If you want to pay somebody for their time and guidance, that's fine - just be aware that you don't have to.
What is it you need modified? Look on website of Fannie Mae, and see if they have information. Call your local bank or credit union and see if they can advise you even if they aren't the one. Google for "bad loan modification companies".
Call your local government. Ask at your library. Those people have no ax to grind and aren't out to steal your money or cheat you. May be a little slower, but their conscience is where it's supposed to be.
Google Keep your house and modify your loan government programs, and make sure the site says, .gov and there should be some info for you. A lot of people are putting that kind of info out.
I for one am very angry at ads saying "in your case we recommend a 30 year fixed mortgage"...that was what they were supposed to recommend in the first place.
Check out Suze Orman's website. I'll be she has something.
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