Loan modifications are a great tool for resolving mortgage debt and avoiding foreclosure, but they aren’t as easy as you may think. In fact, there is much to learn about mortgage modifications before ever requesting one with your lender. Modification Options A loan modification can lower the monthly payment in several ways. First, lenders may  … Read more

Despite the array of benefits available with a mortgage modification, the truth is they aren’t for everyone. Depending on conditions with your home and your financial situation, you could find that a mortgage modification isn’t going to provide the kind of help you need. Considerations As an alternative to foreclosure, mortgage modifications are a great  … Read more

Second mortgages became quite common right before the recession and foreclosure crisis hit. Until then, such loans were not considered overly risky by either borrowers or lenders. As mortgage trouble has continued to plague the economy for the last few years many people are not only in debt with their first mortgage, but also their  … Read more

One option for resolving mortgage debt and lowering payments to stave off the threat of foreclosure is a mortgage modification. However, not everyone is successful in securing a modification with their lender. However, part of the problem preventing people from successfully obtaining a modification agreement can be alleviated with a little preparation. Not Applying Early  … Read more

As one of the most sought after, and also most denied, types of mortgage debt options accepting a mortgage modification offer is not always the best solution. While securing one can be difficult for many homeowners, there are some reasons why accepting a lender’s modification offer should be carefully considered. Choosing Wisely Loan modifications have  … Read more

Homeowners struggling with mortgage debt know just how tough it can be to secure a loan modification or foreclosure alternative deal with lenders. So why are so many people ending up victims of modification scams? The Con With a few legitimate federal programs floating around offering help to homeowners in need, more fraudulent modification companies  … Read more

The mortgage modification process can be tedious for many homeowners. There are numerous rules that lenders hold for qualification and approval purposes.  Many homeowners may face disappointment when applying for a loan modification. However, there are a few questions that can be asked prior to requesting an application from the bank that could save heartache  … Read more

People seeking to lower their monthly payments and resolve mortgage debt troubles through a loan modification often come in contact with many conflicting pieces of advice. Some advocate ideas such as strategic default, while others push a negotiation formula that is more suitable to the lender. In either case, knowing the difference between good and  … Read more

In today’s rough housing market there are numerous companies operating to take advantage of unsuspecting homeowners. While most are looking for ways to lower monthly payments and avoid foreclosure, many are falling victim to the empty promises of non-reputable companies.  The old saying still holds that if it seems too good to be true, it  … Read more

More good news has come from Obama’s foreclosure crisis efforts as existing mortgage modification programs are being continually expanded and revamped.  Earlier reports mentioned the expansion of eligibility requirements of the Home Affordable Modification Program in efforts to reach more homeowners in need, but the changes don’t stop there. Bigger and Better Not only is  … Read more