If you are one of the many Americans currently suffering from crushing mortgage payments, you are probably aware that there are loan modification options you can take advantage of. You may or may not also be aware of the various refinancing options available to you. Here are a couple loan modification and refinancing tips to help you get the most out of your modification and hopefully help you get out from under your crushing debt.
Loan Modification: Be Open, Be Honest
One of the best things you can do in order to get the most from your loan modification or refinancing is to be up-front and honest with your lender. A lender will appreciate someone who they do not feel is trying to put one over on them, trying to take advantage of them. Being honest about your financial situation is the absolute best tactic to take, no matter what. Earn the respect of your lender and keep things open and you increase your odds of a good refinancing deal.
If your home qualifies for the Making Home Affordable Program you may be in luck. This government program is available to many homeowners if Fannie Mae or Freddie Mac is the financer of the loan, and will result in decidedly lower monthly payments for many qualified homeowners. You can easily determine your eligibility for these refinancing and loan modification programs by checking your address against the database for the program.
If you qualify, it is best to act as soon as possible. In the past, loan modification and refinancing options were reserved for those who were already in default, but these days options are available much sooner than that. So don’t delay, act now to avoid default and potentially get your mortgage back on the right track.