Many folks are facing loss of income and tough economic times.
Loan modification is a way to keep families in their homes.and stop foreclosure
A loan modification is a permanent change in one or more of the terms including interest rate, loan principle, termÂ and payment dates of your loan. This allows the loan to be reinstated, and results in a payment the homeowner can afford .
- Â 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 loan modification letter included in your loan modification application is a very important part of a successful loan modification.
- Will a loan modification help me stop foreclosure? Yes, that is the goal of a loan modification. By working with your lender to find a loan workout solution, your loan is brought current and the foreclosure process is halted.
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Helene M Moore
Windermere Prestige Properties