What is a Home Loan Mortgage Modification?
Loan Modification programs assist homeowners by reducing their interest rates and loan balance. This can be handled or “modified” in a variety of ways. The homeowner may choose to either extend the term of their loan or change the loan type to create affordable monthly payments. Often times, mortgage modification can also eliminate or reduce any late fees that you may have accrued. Home loan mortgage modification is the best alternative for homeowners to avoid foreclosure.
Do I qualify for a home loan mortgage modification?
Lenders will consider the following to see if you qualify for a loan modification:
· Behind on your mortgage
· Financial Hardship
· Facing Foreclosure
· High Interest Rate
· Adjustable Mortgage rate
There are a variety of causes reviewed by the lending institutions including:
· Reduced income
· Loss of job
· Job relocation
· Failed business
· Divorce
· Military duty
· Illness or medical bills
· Death or death of spouse
· Incarceration
· Victim of a natural disaster
If any of these apply to you situation, you may qualify for a home loan mortgage modification.
How do I avoid foreclosure?
By modifying your mortgage you agree to lower your interest rate, monthly payment and possibly even reduce the principle balance to the current market value of the home. We are talking a savings of thousands of dollars to keep you in your home and avoid foreclosure. Through our program, a loss mitigations consultant will negotiate the terms of your lease to insure the best financial alternative to foreclosure.
What are my options?
Other options may include a Short Sale, Deed in Leau of Foreclosure or the government HAMP Program. If you are struggling with your home mortgage loan, we can help you explain to these various options to help you decide which one helps you most with your unique circumstance.
Alpha Business Consulting, LLC
PO Box 33383
Cleveland, OH 44133
Disclaimer: Alpha Business Consulting LLC is a foreclosure prevention service. If you are at least one month behind on your mortgage, we recommend homeowners call for information on our modification programs. This website is not affiliated with any government organization or program.