Mortgage loan modification is permanent change in one or more of the terms in your mortgage the may permit your mortgage to be reinstated. It means current the lender might permit the terms of a homeowner’s mortgage may be transformed. The interest rate, the length of the loan and even a reduction in the principle are changes to the terms that can be made. This entire process can be done without having to qualify to refinance the loan.
A mortgage loan modification can stop you from losing your home, enhance your cash flow and get you on the path to financial recovery. In some cases, the cost of mortgage loan modification might be integrated into the new loan.
Statistics have shown that about one out of 100 houses are in reality undergoing the short sales process - a count which is considered a 79% increase of the number of homes subject to short sale (foreclosure) in Northern California, which continuously proves that the trend of short sales homes are rising in the country. Of course, it includes foreclosed homes in Northern California, where the local banks have their own listings of foreclosed homes for short sales for the general public. If you have plans to live in the place or consider investing in purchasing or selling houses in the area, then you might wish to consider those foreclosed homes in Northern California.
In such circumstances, mortgage loan modification can help you to save your home from foreclosure. With the help mortgage loan modification, you will be able to get out of your current loan in just 5-60 days, reduce your mortgage payment by 1/3 or more with a lower interest rate and a diminished loan amount. Now, who can qualify for a mortgage loan modification?
Anyone: •Whose mortgage in is foreclosure or close to it
•With an adjustable rate mortgage
•With a fixed interest mortgage that is 2% above current 30 or 40 year fixed market interest rates
•Who has been late on their mortgage from one year
•Who is currently late or will be late this month
So a mortgage loan modification to overcome Nor Cal Short sales might be practical choice if you meet the criterion mentioned above.
