First of all what is Loan Modification?
A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan, allows the loan to be reinstated, and results in a payment the mortgagor can afford.
What benefits you can get?
- No negative impact to borrower’s credit score
- Avoid foreclosure, keep the home and still be able to sell it at market value
- Modification doesn’t impact community’s home values (since the deed is not transferred)
- Debt “forgiven” instead of settling through legal proceedings
- Create a new loan scenario that works with your financial situation
- Faster with less paperwork and red tape
Whats the advantages of Loan Modification?
- Lower interest rates
- Stop foreclosure
- Reduce principal balance
- Catch up on delinquent payments
- Turn your adjustable loan into a fixed loan
But still there are more benefits and advantages using loan modification program, thats why National Modification Corp is here to help your mortgage problems.
STOP THE BANK AND EVEN GET AN AFFORDABLE PAYMENT. IF YOU QUALIFY YOU CAN LOWER YOUR PAYMENT, RID YOURSELF OF LATE FEES AND GET A SECOND CHANCE. KINDLY CONTACT US IF YOU ARE INTERESTED SO WE CAN DISCUSS YOUR SITUATION AND DETERMINE IF WE CAN HELP YOU
3 comments:
In some country like ours, there are lots of formalities to go for a modification. It is difficult to understand for common people and very required to understand all the lines what a mortgagors saying prior to any action.
Good for reading
Sherin - Investinternals
http://investinternals.blogspot.com
What if the modification can't lower the interest rate? :( It only delays the payment deadline and monthly charges, though, on my country.
indeed!loan modification can be a big help in this point of time.