Affordable Mortgage Loan Modification [mortgagefraud101.blogspot.com]

Affordable Mortgage Loan Modification [mortgagefraud101.blogspot.com]

For Canadians who want to take advantage of current low interest rates, Farhaneh Haque, Director Mortgage Advice, TD Canada Trust offers tips on understanding your affordability today and in the future.

mortgagefraud101.blogspot.com Low mortgage interest rates: Mortgage affordability tips for home buyers and owners

Are you searching for the right way to make ends meet again and keep current on your mortgage? If you think you've run out of options, consider mortgage loan modification. Modification packages are individually crafted between the borrower and the lender to set up new interest rates and terms that are realistic for you.

Mortgage loan modification is a simple, straightforward, long-term solution to troubled homeowners who are facing the horrible prospect of foreclosure. By contacting your bank and requesting a loan modification, they may decide to grant you one if they are convinced that you would keep current on a modified loan. If you're faced with the idea of home foreclosure, ask your lender about loan modification options. Talking to your lenders can actually brighten your financial situation, because you can get a lower interest rate and new loan terms.

Modification has allowed many homeowners like you to repay their mortgages.

It effectively ends a foreclosure even if it has already started, and keeps you in your home. Lots of loan modification professionals will help you to negotiate with your lender and work out details with overdue accounts. They may be able to roll the overdue payments in with the loan principal. The new amount is re-amortized over a time. Loan modification professionals also see if you can get your loan life extended and decrease the interest rate to make a more affordable monthly payment.

Obtaining a mortgage loan modification is beneficial to homeowners in numerous ways. It gives them a clean slate and lets them start over with respect to their mortgage payments and their home ownership. Negotiating a modified loan usually takes between a few days to as many as 60-90 days.

It depends on the lender and your application details.

On your application, submit accurate and complete financial information to speed along the process and increase your chances of approval. The documents you submit will tell lenders about your financial history and current credit status. The first thing you need to do is tell your lender about your financial hardships.

It may help to visualize loan mortgage modification as a refinance, the objective of which being to get a more affordable monthly payment. Eligibility depends on various criteria including:
• Not previous bankruptcies
• Primary owner and occupant of the home

Using loan modification can easily help you in times of financial distress.

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