Blue Surge

We have a real crisis looming, affecting 30,000000 home-owners in the USA. Increasing numbers of homeowners are losing their jobs, or having their salaries reduced. Increasing numbers of people are falling late with their credit cards, mortgage or car payments. These home-owners are in real danger of defaulting on their mortgage loan and seeing their house suffer foreclosure. But there is a solution, and many homeowners are not even aware of this solution: loan modification – sometimes known as loan mod.

Loan modification does not involve re-financing, so there is no credit check. It doesn’t entail debt consolidation. It’s renegotiating the existing loan to affect a lowering in interest rate and, under special conditions, a reduction in loan principal as well. Without extending the term of the loan. A new, reduced, payment amount is arrived at which is sustainable to the home owner. Loan modification is a real win-win situation for all parties concerned. To the homeowner it often means the difference between keeping or losing their property. To the banks, it might signify the difference between staying afloat or sinking.

There is no reason why home owners can not arrange their own mortgage loan modification by contacting their bank’s loss mitigation dept. But it isn’t advisable – the banks will usually only offer a very slight decrease in interst rate, or no reduction at all. Far better to use the services of an established loan modification firm, which has its own team of dedicated loan modification lawyers, who do nothing but meet with banks all day every day and know how to attain a substantial lowering. Going it alone is like representing oneself in a court of law – seriously unadvisable. An experienced mortgage loan modification company can negotiate a 30 – 50% lowering in interest without an extension to the term of the mortgage loan. It is well worth whatever fee they may charge to accomplish this.

Comments are closed.