If you are in foreclosure and have high mortgage payments, a loan modification may be a blessing for you. You may qualify for a loan modification and relieve yourself of a lot of misery being in foreclosure.
To achieve a loan modification program, you need to bear in mind certain credit ramifications.
Higher authorities do not grant loan modification to defaulters, who fail to pay back their loans.
Typically a homeowner must fall behind on their mortgage and should expect adverse credit issues due to late mortgage payments. This may lower your FICO score by as much as one hundred points.
A reduction in your credit may jeopardize your chances of getting favorable credit rates in the future.
The good news is a loan modification may help you lower your monthly household bill.
With a reduction in housing payment, and lowered household payments a loan modification can help you get your finances back on track and lower your outstanding balance without defaulting.
A late payment does not have the long term credit implications like a short sale or credit counseling.
A loan modification is a sure fire way to help you preserve your credit rating and reduce your mortgage payment. Contact your local loan modification company to see if you qualify today. Make sure that you properly research the loan modification company that you plan on working with. Some important documents to gather include, your last two years tax returns, w-2s for the last two years, recent bank statements, last two pay stubs, a hardship letter and a financial statement that lists all of your monthly expenses minus your monthly income.
To achieve a loan modification program, you need to bear in mind certain credit ramifications.
Higher authorities do not grant loan modification to defaulters, who fail to pay back their loans.
Typically a homeowner must fall behind on their mortgage and should expect adverse credit issues due to late mortgage payments. This may lower your FICO score by as much as one hundred points.
A reduction in your credit may jeopardize your chances of getting favorable credit rates in the future.
The good news is a loan modification may help you lower your monthly household bill.
With a reduction in housing payment, and lowered household payments a loan modification can help you get your finances back on track and lower your outstanding balance without defaulting.
A late payment does not have the long term credit implications like a short sale or credit counseling.
A loan modification is a sure fire way to help you preserve your credit rating and reduce your mortgage payment. Contact your local loan modification company to see if you qualify today. Make sure that you properly research the loan modification company that you plan on working with. Some important documents to gather include, your last two years tax returns, w-2s for the last two years, recent bank statements, last two pay stubs, a hardship letter and a financial statement that lists all of your monthly expenses minus your monthly income.
About the Author:
Modified Mortgage Solutions is an expert in loan modification processing, and an authority in loan modification processing questions.Please contact us with any questions.
