You're not alone. Foreclosure filings were reported on more than 2.3 million American properties last Year. San Diego will likely face the worst foreclosure rates in its history in the coming three years. Many people who lost their home to foreclosure were not aware they could reduce their mortgage payments or waited until it was too late.
Loan Modifications are becoming more common in California due to the severe real estate recession, rising unemployment people basically working for less money. Loan modifications are a great service to provide to homeowners. There's an immense amount of grief in loosing your house. We've seen people flat out give up and just walk away from their property.
Now is really is the time to apply for a loan modification before it's too late. We've already seen some lenders backing off on accepting modifications. This historical opportunity will come to an end. Since the average loan modification takes thirty to ninety days, it's recommended to get your application in now while banks are still considering this plan that can reduce your interest, forgive delinquent payments, allow for principle reduction, or a combination of all of the above.
What exactly is a loan modification? A loan modification – a change in a mortgage that results in more affordable payments for the borrower. There are two essential qualifiers for a loan modification – verifiable hardship and verifiable income even if it's has drastically decreased.
What is an acceptable hardship situation? Each homeowner has a unique set of circumstances that caused them to fall behind on their home loan, but generally the lenders consider divorce/separation, loss of income, death of spouse, co borrower or family member, illness, job relocation, military service to be acceptable reasons to consider a loan modification. A compelling hardship letter included in your application is a very important part of a successful application.
So don't be one of the Homeowners worried about missing mortgage payments and entering foreclosure, you may have another option: a loan modification. Also now we are seeing people who have racked up their credit cards just trying to pay all their bills. If they have over $5000 in unsecured debt, they can put them in the debt consolidation program. This will cut their debt in half and immediately free up cash flow, because it also cuts their minimum payments in half.
It's important to start the loan modification process fully prepared since time is of the essence. It typically takes four to six hours for the homeowner to gather necessary documentation. Not a bad investment for potentially saving hundreds and even thousands of dollars each month.
It’s really hard to try to do a modification yourself, since the average homeowner does not have the time or internal contacts at the bank to pursue the arduous process. For most people it’s best to have someone in the industry to work for you as the negotiator.
As in any market Beware of Foreclosure Rescue Scams. Many companies require that you pay upfront. What if your loan doe not get modified? What if it's not modified low enough to create affordable payments? Choose a company that will provide the service and then ask for payment. It's risk free. Recognize and avoid common scams.
Working with people of reputation and experience is the surest way to get your loan modified. Be sure to check them out thoroughly before you commit.
Evolution Real Estate Group is well known in the industry for their ethics and success. Keller Williams has chosen Evolution Real Estate Group to negotiate their loan modifications because of their proven results and customer satisfaction. They are one of the few companies that require no payment is upfront. You only pay for the service after they have successfully modified your loan exactly or close to the amount you decide. Call the Helpline and in less than ten minutes you'll know if you're an eligible candidate for a loan modification. 888-393-3865 Http:///www.helpline4homeowners.com
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