Finding Home Modification Programs to Meet Your Needs Home loan modification programs are lifesavers for many homeowners that are faced with financial problems. Before the idea of loan modification became a reality, the only options open to homeowners who wished to remain in their homes was Chapter 13 Bankruptcy or refinancing their homes. Loan modification offers more options although not every homeowner will qualify. Deciding if Modification is Right for You One of the first decisions you have to make is deciding if the process of loan modification program will provide a solution to your current financial needs. While it looks good on paper, you have to make sure you will be able to make the new payments. The one thing you don’t want to do is modify your loan and then find you are still unable to make the payments, something that happens to many people who enter into a modification program. Remember, it’s not a guarantee of success, only you can take the steps necessary to make it work. Visit credit‐yogi for additional help in deciding if loan modification is the right decision for you. Where to Find the Help You Need In order to obtain help with loan modification you first need to know where to go. It’s natural to think your current mortgage company is the best source of funding for loan modification, but this isn’t always the case. In fact, your lender may not even participate in the government sponsored program; only lenders that offer government‐insured mortgages are required to participate. Even if your lender does participate you may want to research other lenders as well in order to make sure you get the best deal—this is especially important if you are applying for private loan modification rather than the government sponsored program. Enlisting Help for Your Loan Working with providers of loan modification services can be rather stressful and even confusing. This is the reason we recommend conducting research before you modify your mortgage loan: you will have an opportunity to locate information that can help you gain a better understanding of the programs and what you can expect in the future. This is the chance for you to ask questions so when you close on your new loan you will understand completely what you are doing and how the program will help you achieve your goal of keeping your home. The most important step in this process is to decide whether you want to apply for a private or government sponsored modification program. Home modification programs can be very confusing for the average homeowner. This is not necessarily because the programs are confusing but rather because in most cases homeowners are faced with the need to choose loans modification or foreclosure, and they aren’t really sure whether they will be able to meet the terms of the new mortgage. They need help with loan modification, especially
understanding how it will benefit them as homeowners. It is also important to work closely with the providers of loan modification services.
Published on Jul 3, 2012
Home loan modification programs are lifesavers for many homeowners that are faced with financial problems.