Loan Modification Help | Upside Down Mortgage

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Can we just stop making payments?

July 12th, 2009

My situation is this. We owe more than our home is worth and we are having a difficult time making payments. We want to refinance but need to know how being upside down would affect our decision.

Is it wise to stop making payments and let the bank restructure our loan?

Do we have to go that route to get help?

We have never been late before and we both have good credit, but we are having a very difficult time making our mortgage payments - probably like a lot of people today.

Does anyone have any suggestions?

Thank you for your help and advice.

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Posted in Behind On Mortgage, Foreclosure, Help with mortgage, Home Loan Refinancing, Loan Modification Help, Refinance Questions, Upside Down Mortgage FAQs |

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Home Loan Modification for Dummies

June 15th, 2009

If you have an upside down mortgage and your lender is proposing that perhaps a load modification may be a solution for your situation, you should do some of your own research before you sign anything to modify your existing loan. Loan modification is not for everyone but there is a large number of homeowners who have benefited from doing loan modification.

To find out if home loan modification is right for you, you can read this book called Loan Modification for Dummies. It is simple to read and easy to understand. The crucial information you need to secure a reliable loan modification and save your home is presented in nice format.

Why considering loan modification?

Behind on your mortgage payments? Worried about losing your home? Don't panic. Loan Modification For Dummies gives you the reliable, authoritative, easy-to-understand guidance you need to apply for and secure a loan modification that lowers your monthly house payment and keeps you in your home.

This practical, plain-English guide leads you step by step through the loan modification process, from contacting your lender to applying for a loan modification, evaluating the lender's initial offer, and negotiating a modification that lowers your monthly payment while helping you catch up on any past-due amounts. You'll learn how to communicate with your bank or loan servicer, recognize and avoid loan-modification scams, and find a knowledgeable loan modification specialist, if you choose not to do it yourself.

Advice on determining whether you're likely to qualify for your lender's loan modification program
Guidance on preparing and submitting a loan modification application that improves your chances of success
Helps you figure out a monthly payment you really can afford
Tips on modifying your loan even when you owe more than your home's current market value
Negotiation advice for securing the best possible terms and lowest monthly payment
Resources for contacting your lender, obtaining free or affordable third-party assistance, and getting government agencies on your side

Read Loan Modification For Dummies and start saving your home today.

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Understanding home loan modification

Posted in Help with mortgage, Home Loan Modification, Home Loan Questions, Home Loan Refinancing, Loan Modification Help, Loan Modification Software, Mortgage Modification, Mortgage Problems, Understanding Mortgages |

Tags: Home Loan Modification, home loan modification for dummies, home loans, loan modification, loan modification for dummies, modify home loan, modify loan, modify loans for dummies, understanding loan modification, what is loan modification |

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I’m Upside Down. How Can the New Bill Help Me?

June 14th, 2009

I owe more on my home than it is worth. I'm struggling to pay my monthly payments but I am not late yet. My question is that how can the new bill help me?

I'm trying to find out what the first step is and if my lender will be willing. My understanding of the new bill is that it is voluntary are the part of the lender, no mandatory.