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Mortgage Loan Modification

There is a real crisis looming in the housing sector, which affects thirty million homeowners in the United States. More and more people are losing their jobs, or having their salaries reduced. More and more homeowners are falling behind with their car, mortgage and/or credit cards payments. These homeowners are in real danger of defaulting on their mortgage going into foreclosure. But it isn't all gloom and doom: there is an elegant solution. Many homeowners are not even aware of this solution: it's called loan modification.

Mortgage loan modification doesn't entail refinancing, so there's no requirement for a credit check. It is not debt consolidation. What it is, is renegotiating the terms of the existing loan to achieve a lowering in interest rate and, under certain circumstances, a lowering in loan principal as well. And it doesn't involve increasing the term of the loan.

A new, lower, payment amount is arrived at which is affordable to the homeowner. Loan modification is a true win-win for all parties concerned. To the homeowner and their family it can mean the difference between keeping or losing the home.

 

It is also of great benefit to the banks. To the banks it could mean no less than the difference between folding and staying afloat. Every time a bank forecloses on a mortgage they have to place large sums of money on escrow as a penalty. Normally this wouldn't be a problem, but, with the rate of foreclosures the banks are facing these days, they are literally running out of cash.

For this reason, loan modification is a very attractive option for the banks, who would do virtually anything to avoid foreclosing. There is no reason why homeowners can't arrange their own loan modification by contacting the loss mitigation department at their bank. But it is seriously not a good idea - the banks often offer only a slight reduction in interest, or no reduction at all.

It's much better to engage the services of a reputable loan modification company, which employs its own team of dedicated loan modification attorneys, who do nothing other than negotiate with banks all day every day and have the know-how and experience to achieve an excellent deal for the beleaguered homeowner.

Going it alone is akin to representing yourself in a court of law - probably not a good idea. A good mortgage loan modification firm can attain as much as 30 - 50% reductions in interest rate without an extension to the term of the loan. It's well worth whatever fee they may charge to accomplish this.

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