Mortgage Modification Programs are Available
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living in fear of losing your home
you are having financial difficulties - due to a job loss, a higher
mortgage payment, or any other reason - you are not alone. The
economic crisis has made it hard for many responsible homeowners to make
ends meet. The good
that many people who were finding it difficult to make their mortgage
payment have been able to save their home, and you can too. You could
lose your home
if you ignore the problem and do nothing. Get in touch with a counselor
and your servicer (the company to whom you send your monthly mortgage
Your Servicer Wants to Help
Your servicer wants
to help you keep your home. Many servicers implemented new loan modification
programs in 2009 to assist homeowners
financial difficulties by lowering their monthly mortgage payments.
Plus, many servicers are participating in the government’s Making
Home Affordable Program and are working with non-profit counseling
agencies through HOPE NOW.
Contact Your Servicer Today
Many servicers have recently added new mortgage modification programs
for home loans. Call your servicer even if your request has been
turned down before, as you might qualify under a new program. Be patient
persistent if you don’t reach your servicer on the first try, as
other homeowners are seeking help as well. If you don’t know who
services your loan or how to contact them, check your mortgage
statement or look on-line at http://HopeNOW.com/index.php.
Apply for a Loan Modification
In a mortgage loan modification, you and your servicer agree to permanently
change one or more of the mortgage’s terms to make the payments
more manageable for you. The changes could include reducing the
interest rate, extending the term of the loan, forbear-ing (interest
forgiving principal, or a combination of these factors.
A loan modification could lower your monthly mortgage payment by hundreds of dollars and save your home from foreclosure!