AuthorsDen.com   Join (Free!) | Login  

     Popular! Books, Stories, Articles, Poetry
   Services MarketPlace (Free to post!)
Where Authors and Readers come together!

SIGNED BOOKS    AUTHORS    eBOOKS new!     BOOKS    STORIES    ARTICLES    POETRY    BLOGS    NEWS    EVENTS    VIDEOS    GOLD    SUCCESS    TESTIMONIALS

Featured Authors:  Claudio Herrera, iPamela Ackerson, iFrank Whyte, idawn kunda, iGary Caplan, iRalph Cates, iGary Rodriguez, i

  Home > Business/Investing > Articles Popular: Books, Stories, Articles, Poetry     

Dustin D Rohde

· Become a Fan
· Contact me
· Articles
· 13 Titles
· 1 Reviews
· Save to My Library
· Share with Friends!
·
Member Since: Jun, 2009

Dustin D Rohde, click here to update your pages on AuthorsDen.




Featured Book
Alec [Alexander Trilogy Book One]
by Stan Law (aka Stanislaw Kapuscinski)

This is a story about a family of three wherein all members fulfill their dreams in different,sometimes amazing, ways...  
BookAds by Silver
Gold and Platinum Members


Featured Book
Ignite the Passions
by Deborah Jones

Just when you thought the relationship has ended, you may be asking the question, "What can I do to get the relationship started?" The answer to your question is Igni..  
BookAds by Silver
Gold and Platinum Members





   Recent articles by
Dustin D Rohde

• The Early Stages of Foreclosure: Loan Modification Can Help
• Obama’s Home Loan Modification Plan: An Explanation and A Small Critique
• President Obama’s Plan Needs Modification Itself
• Faster Loan Modifications Needed
• Short Selling Vs. Foreclosure
• The 4 Stages of Foreclosure.
• Why Foreclosure Should Be Your Last Resort
• The 1st Steps in Avoiding Foreclosure
• Home Abandonment Is Not The Answer
• More Mortgage Shopping Tips, Less Dry Reading
• Snippets of Mortgage Pre-Qualifying
• Homeowners & Foreclosure Prevention
           >> View all

How Home Loan Modification Can Help Stop Foreclosure
By Dustin D Rohde   
Rated "G" by the Author.
Last edited: Wednesday, September 16, 2009
Posted: Wednesday, September 16, 2009

Share    Print   Save    Become a Fan


How home loan modification can prevent foreclosure.

No one is happy with the housing crisis.  President Obama isn’t happy, which is why he initiated the HAMP (Home Affordable Modification Program) in the hopes of the foreclosure storm.  Banks aren’t happy, sitting on vacant homes that they can’t resell in the current market; costing them a millions a month.  Homeowners aren’t happy, because it is them that are losing their homes and their credit ratings.

Home loan modification is one way that this foreclosure crisis can be helped, by changing the conditions of your mortgage.  A loan modification can reduce your interest rate, change your rate from variable to fixed, or even both; it can extend the duration of the loan (usually up to between 30 and 40 years).  It can even lower the principal for borrowers whose homes have lost their value.

Everyone doesn’t qualify for a home loan modification.  You have to be able to show your bank that you are truly suffering from hardship as well as the means and willingness to pay your modified loan payments.  You’ll also need to prove you’re employed, how much money you make.  The lender will look at all of this, and then consider your ratio of debt to income, employment history, and your ability to keep up with your new payments.

The application process includes compiling a complete financial profile with all of the supporting documentation. You will need to show proof of employment and salary as well as a detailed plan of how you intend to meet your payments. The bank will consider your debt to income ratio as well as your employment status and ability to pay your mortgage.

To start though, you need to meet with your bank.  If you’re already IN foreclosure, or are in danger of being so because of missed payment, you may want to have a profession home loan modification specialist help you in the process.  If you’ve applied and been rejected you’ll also want to seek out the help of a professional.  Loan modification specialists have more knowledge on the topic than the average person and may find something you’ve missed.   You staying in your home makes everyone happy.

Learn more about Loan Modification at Legal Loan Bailout

Web Site: Legal Loan Bailout



Want to review or comment on this article?
Click here to login!


Need a FREE Reader Membership?
Click here for your Membership!