Are you having trouble paying your mortgage each month?
Are you already behind on your mortgage payments?
Have you recently experienced a hardship that's about to make you unable to make your monthly payment?
If you answered yes to any of these questions you may be able to get a break on the amount of your monthly mortgage payment. A loan modification may be the solution to your financial problems. Here's how to lower your house payment.
As you most certainly know, the economy is in turmoils right now. The investment world is frought with uncertainty and doubt. The housing market is a major reason why the economy is in a recession and it's in much worse shape than the overall economy. So there are millions of homeowners who are struggling to make their mortgage payment and many of those are in serious danger of losing their home to a foreclosure. To help save people from losing their home, and to help save the lenders money, homeowners and lenders can now adjust the monthly payment on a mortgage with a loan modification.
A loan modification will lower your house payment by changing one or more terms of the mortgage agreement. By changing the terms the monthly payment will become more affordable. This will allow you to make your mortgage payment each month and it will also allow the lender to still get their money.
There are certain conditions that have to be met in order to qualify for a loan modification. Part of the conditions are that you have to have a hardship that caused or is causing your inability to make your monthly payments and you have to show proof that you will be able to make your monthly house payment once the loan modification takes effect.
Some example of hardships include your loan adjusting to a higher rate so that you can't make your payment, you or your spouse getting laid off or fired, you or your spouse becoming disabled, or a you and your spouse divorcing. These are just a few examples of possible hardships.
A loan modification may be the perfect way for you to lower your house payment. If you qualify for a loan modification then you and your lender can change one or more of the lending terms and that will lower the monthly mortgage payment. This will help keep you in your home and it will also allow the lender to still be paid back. Therefore, a loan modification is a win-win for everyone involved.
