A Loan Modification Agreement modifies the terms of your home loan, normally by lowering the minimum payment to something more manageable for the homeowner.
??
Remember that your lender DOES NOT want to acquire your home through a foreclosure so you have no reason to hesitate to contact your lender when you foresee mortgage trouble on you horizon or you start to fall behind.?? Anytime you find yourself facing hardship you should contact your lender and ask for help.?? Your modification terms might be temporary or for an extended period of time, but in any case your lender is extending you a courtesy because it is in their best interest.
??
As in the forbearance agreement, you have to demonstrate to your lender that once the Loan Modification is agreed upon you will be able to stay current with the new arrangement.?? Remember that although it is true that your lender does not want to foreclose but your lender is also in business and they want to know that with this loan modification you will be a stable borrower and that you will no longer be a credit risk.
??If you are having trouble getting through to your lender, or if it seems that your lender is not willing to work with you, please contact MBA Commercial at once and our professionals will get right to work with you on getting you in touch with someone at your mortgage company. Visit MBA Commercial for More Information, or call Toll Free, 800-958-1952 and listen to our recorded message available 24 hours a day.
??
Nexr Week: Tips For Successfully?? Negotiating Settlement With Your Lender
Google+
