| If you have lost your job, gone through an | | | | specialist will manage the hardship loan modification |
| expensive divorce, or perhaps faced some | | | | process, including filing the application, preparing all |
| unexpected medical expenses that have caused | | | | of the paperwork, and making sure the loan |
| you to fall behind on your mortgage payments, | | | | modification lender has all of the documents |
| you may not realize you have an excellent option | | | | needed to complete the process. |
| to redo your mortgage and secure a new lower | | | | Once the application has been filed for your loan |
| monthly payment. The Hardship Loan Modification | | | | modification eligibility, the most important step is |
| program was created by Congress in 2009 for | | | | next, which is the negotiation with your lender for |
| the specific purpose of helping people negotiate a | | | | a new mortgage. Here is where having a |
| new mortgage with much better terms so they | | | | professional on your side is really to your |
| can stay in their home and avoid foreclosure. | | | | advantage. The counselor has been through the |
| When Congress passed the hardship loan | | | | process dozens of times and knows who to |
| modification program, it was designed to give | | | | speak with at the bank and what terms to ask |
| folks who wanted to avoid foreclosure an | | | | for. It is common for the foreclosure prevention |
| opportunity to get loan modification help and | | | | counselor to ask for a lower interest rate, lower |
| continue to pay on their mortgage. The way the | | | | monthly payments and even a principal balance |
| program works is, homeowners receive a new | | | | reduction. |
| mortgage with new terms that are affordable for | | | | Once the negotiations are complete, they will |
| their situation. So, if you find yourself with an | | | | work with you to make sure the new monthly |
| adjustable rate which has risen dramatically in the | | | | payment is going to be manageable for you, as |
| past year, you can redo the mortgage with a | | | | you can only apply once for this program. Make |
| lower fixed rate. | | | | sure you do your homework and come up with a |
| Because the process is administered by the | | | | monthly payment you can live with going forward. |
| government, there are a number of regulations | | | | The hardship loan modification program is one of |
| under the qualify mortgage modification program | | | | the best programs to come along in many years |
| that must be followed. As a result, your best bet | | | | that allows homeowners to avoid foreclosure and |
| in securing a hardship loan modification is to | | | | at the same time secure a new mortgage with |
| connect with a foreclosure prevention counselor | | | | much better terms, while avoiding the ruin of their |
| (also called a loan modification specialist) who has | | | | credit rating. |
| been trained on the regulations and can file the | | | | Do not delay, connect with a foreclosure |
| application on your behalf. | | | | prevention specialist today. You can save your |
| Much like you use a real estate agent for | | | | home, your credit rating, and end the stress of |
| purchasing or selling a home, or a tax preparer | | | | not knowing where your next mortgage payment |
| for your income taxes, a foreclosure prevention | | | | is going to come from if you cannot afford it. |