Home loan modification may be the simplest way to save your home

If you are here, reading this article, you are probably having difficulty keeping up with your mortgage payments. Or maybe you want to gather information on your options in that eventuality.

Why do you need loan modification?

How one gets to this situation is immaterial. Life has its ups and downs – loss of employment, medical emergencies, unforeseen and unfortunate personal events or something that you had no control over – a global economic crisis.

However, there is help out there. You are not alone in this battle to save your home – though it may seem like it sometimes.

The U.S. Department of Housing and Urban Development (H.U.D) under the Making Home Affordable (MHA) Program, gives the homeowner options to avoid foreclosure on their homes. Some of these options are:

– Principal reduction Alternative (PRA)
– Home Affordable Modification Program (HAMP)
– Home Affordable Refinance Program (HARP)
– Second Lien Modification Program (2MP)

Good resources for further research are:

Why do you need an expert?

In our experience though, the simplest way is to apply for a loan modification through a specialist.

All you need to know is: 31%

If your mortgage payment is more than 31% of your pre-tax income, then you most likely qualify for a home loan modification. There are no guarantees but your chances are good.

One organization that can help find out eligibility, organize your applications and negotiate with Lenders (the most difficult part) is Loan Modification Depot. Their professional loan modification lawyers can help you redo your deal with your lenders for a more affordable monthly payment plan.

A home loan modification consultation does not have to cost a thing. Most loan modification experts such as Loan Modification Depot (www.loanmoddepot.com) would not charge you for consultation and would probably only charge on a successful modification.

A successful home loan modification plan would not affect your credit score in the long run as much as a foreclosure or payment defaults – as long as subsequent monthly payments have been on schedule.

So, if you need help, reach out and get it. It’s at your fingertips.