Mortgage loan modification services are currently very popular with home owners. After all, the U.S. has been hit particularly hard by the recession and the housing collapse. The rate of foreclosures in California, for example, is higher than almost anywhere else in the country. As thousands of homes are foreclosed, this has had a domino effect on every sector of the state's economy. Residents are desperate for relief. They are turning to the federal loan modification program for help.
Why are so many Californians losing their homes? The current job market is one major factor. California's extremely high rate of unemployment has plunged many families into financial insolvency. Since this state boasts one of the world's largest economies, the effects are impacting a huge number of people.
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This includes not only California residents, but folks all over the U.S. Many foreign nations also rely on healthy business relationships with this state to keep their own countries stable. With so much at stake, it is no wonder the federal government has stepped in to offer assistance. The new regulations allowing borrowers to modify their home loans will play a key role in the financial recovery process.
Now, you may be able to have your loan modified to meet your current repayment capability. This lifts the crushing burden of high mortgage payments that leave you scrambling to make ends meet. After your situation stabilizes, you can work to gain back your former financial well-being without a nasty foreclosure ruining your credit history.
The mortgage loan modification program isn't charity and it isn't a way to avoid paying your debts. Instead, it simply offers you a chance to catch up on your bills instead of going bankrupt and losing everything. You can basically start fresh with your loan!
How modifying your loan benefits you:
Your monthly payment may be lowered. This can happen in a couple of ways. The first is by changing the interest rate. If you were persuaded to select a variable rate mortgage, you may have been shocked when your rate later skyrocketed. Switching to a fixed rate can bring your payments down to a more reasonable level.
The term of your loan may also be updated to offer a longer repayment period. For example, your 20 year loan might become a 30 year agreement. Modifications to both the length of the mortgage and the interest rate are often done at the same time. The results can be life changing. For many homeowners, even a 20-25% reduction in their monthly mortgage payment can mean the difference between keeping and losing their house.
What's the downside? The process of renegotiating your mortgage can be complex. Often, homeowners and lenders have conflicting interests when it comes to deciding on the new terms for a loan. It makes sense to have an advocate in your corner who has a full understanding of the new regulations and how to work with your lender. For best results, have a loan modification specialist negotiate a more reasonable repayment plan for you.
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