Posted on: 18th Jul, 2009 09:34 am
what exactly is loan modification? how much it takes to do? what process I will need to go through it? Will it effect my credit? I really want some help with this...Thank you very much
HI jk,
Welcome to our forum. :D
Loan Modification is the lender will lower your mortgage rate & add other dues to remaining mortgage balance & its extends your loan pay off period. This is best way to avoid foreclosure.
It will mostly happen in following conditions :-
1) Your monthly expenses have extended.
2) If you have not enough income to pay off mortgage dues.
3) You have experienced a long-term reduction in your income.
You can know more @ http://www.mortgagefit.com/know-how/loan-modification.html
Thanks & Regards.
gunz.ijjistaff.
_____________________________________________________________
You can ask your queries to us anytime & we will definitely help you, Its our pleasure. This is the World's Largest Mortgage Community.
Welcome to our forum. :D
Loan Modification is the lender will lower your mortgage rate & add other dues to remaining mortgage balance & its extends your loan pay off period. This is best way to avoid foreclosure.
It will mostly happen in following conditions :-
1) Your monthly expenses have extended.
2) If you have not enough income to pay off mortgage dues.
3) You have experienced a long-term reduction in your income.
You can know more @ http://www.mortgagefit.com/know-how/loan-modification.html
Thanks & Regards.
gunz.ijjistaff.
_____________________________________________________________
You can ask your queries to us anytime & we will definitely help you, Its our pleasure. This is the World's Largest Mortgage Community.
that is a good source for me, I will take a through look at it, thank you.