Loan Modification - Four Facts You Must know

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If you are facing foreclosure, than you probably know that a loan modification may help you. In fact, the Obama administration has made available billions of dollars recently for lenders to make it easier for them to offer loan modifications. This is unofficially called the Obama loan modification program. Officially it is known as the Hope for Homeowners Program.

But just what is a loan modification?

Fact one: A loan modification is not a new mortgage. This means you are not going to get yourself deeper in debt. You will actually just be making your current loan fit into your current financial situation.

Fact two: A loan modification is created to make several changes to your existing mortgage. You can get a lower interest rate or change the type of interest rate you have. You may get the length of the loan extended. You could have fees or other penalties waived. It is also possible that you can have a second mortgage erased altogether. These are just some of benefits available.

Fact three: You may be eligible if you have just lost your job or had a pay decrease. You could see your monthly payments get lowered under a loan modification which would make it affordable given your new circumstances.

Fact four: Loan modification can help you save your home, but they require a great deal of knowledge. That's why you should have help in working with lender. A loan modification specialist can help you with this. You will get advice from someone who knows the industry and who is used to working on loan modifications every day with lenders.

If you're feeling stress, you're not alone. Many people are facing foreclosure and are seeking to get a share of the Obama loan modification program. The best way to stop foreclosure is to get to work as soon as possible. Contact a loan modification specialist and find out what you can do right now. Don't just let it go or you will lose your home.

You have to talk to your lender or a professional who can help you
with your lender. Visit our site and find out how you can get in touch with a loan modification specialist and save your home. []

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