How To Determine When A Loan Modification Is Right For Your North Shore Home
You purchased your home because you found a place that you can enjoy and truly build a life in. There are many reasons that people research a short sale (medical expenses, adjusting loans, job loss, etc); however, a short sale is not always the best solution. You may be able to stay in your home and get the payments to a point where you can afford them again.
We invite you to consider the following questions:
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Do you want to keep your home but can't refinance as a result of the change in the market?
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If your loan was at a lower interest rate could you afford the payments?
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Have you considered a loan modification?
When you want to keep your home and are having problems with a loan adjusting then a loan modification may be in your best interest.
Good loan modification companies only get paid if they are successful.
So what is a loan modification? In the simplest of terms a loan modification is a change to your original loan terms (or terms that are very similar). These terms should benefit you in the short term and the long term.
There are key aspects that you should know about pursuing a loan modification. Consider the following 4 MUST know items about loan modifications.
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It is illegal to charge upfront fees for loan modifications
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There is no guarantee that the process will work
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They will need cooperation from you in order to make the process work
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They should offer a free consultation up front (again no upfront fees)
Good loan modification companies only get paid if they are successful. This keeps them motivated to finish the job for you. Make sure you can find references for the company so that you know who you are working with. There are many types of companies starting up almost every day so make sure you pick wisely.
When we take the time to meet with you, we can help you to determine if pursuing a loan modification will help you more than a short sale. Should you already know that you need a loan modification company, please simply fill out our contact form and we will provide you with companies that have helped our clients in the past.
We invite you to discover more about your options whether that be pursuing a loan modification or a short sale by taking less than 30 seconds to fill out the form below.