Frequently Asked Questions About Loan Modification Help
If you're a homeowner having trouble keeping up with your mortgage payments, you're not alone. In fact, thousands of homeowners are falling behind on their payments,
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Read on for some frequently asked questions about how home mortgages refinance:
How can a loan modification help me with my payments?
A home modification will restructure your loan to make it easier for you to pay every month. This might involve decreasing your interest rate and increasing the length of your mortgage, thus reducing your monthly payments. Additionally, some companies are able to get banks to forgive late penalties and roll missed payments back into your principal debt.
Can I negotiate a home loan refinance without professional assistance? It is possible to pursue a home loan refinance by yourself, however many homeowners lack the financial knowledge to negotiate an effective mortgage adjustment. Loan refinance companies staff trained specialists with experience helping homeowners just like you.
What is the government doing to help?
To encourage home loan modification agreements, the federal government is providing incentives to homeowners that keep up with their payments after refinancing. In the course of five years, these incentives could total to $5, 000 in savings! Best of all, the money goes straight to your loan, decreasing the money you owe every year.
Will my bank be amenable to a home loan modification?
Yes,
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I'm already in foreclosure! Can loan modification companies still help?
Yes! It's hardly ever too late for loan modification help, even during active foreclosure. Besides,
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I'm current with my payments, but I'm worried about the future. Can a modification help?
Yes! You don't need to have missed payments to quality for a home loan modification. Even if you are current on your mortgage, you can still refinance to save hundreds of dollars every month!
Do loan modification companies cover both fixed and variable rate loans?
Yes! Loan modification companies cater to homeowners with mortgages of all kinds,
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Will I have to pay if my home loan modification is not successful?
No! Good loan modification companies will refund your money if they are not able to refinance your home. If they can't help you, you don't have to pay!
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