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Category Archives: Loan Modification

Do I Have to Reside in the Home to Get a Loan Modification?

Home loan / reverse mortgage or transforming assets into cash concept : House model, US dollar notes on a simple balance scale, depicts a homeowner or a borrower turns properties / residence into cash

Do you have a rental property with a loan that you cannot afford to pay? Have you had difficulty obtaining a loan modification for rental properties in the past? If so, …


In the News: Wells Fargo Faces Lawsuits After Software Glitch Denies Loan Modifications to Qualified Borrowers

In the News: The Wells Fargo case is not going well for the financial giant. The battle rages as the bank continues to face claims and lawsuits. A recent suit was filed in New Jersey by two borrowers who both lost their homes after Wells Fargo denied their loan modification applications. Both were actually qualified for loan modification approval and the denial was issued in …


How Does a Loan Modification Help Lower Your Mortgage Payment?

When you are a homeowner and you cannot make your mortgage payment it is important not to panic. Panic can lead homeowners to ignore the situation, which does not stop it from escalating. Panic can also lead homeowners to decline all their available options in the hope that somehow a better option will present itself, which often leaves them with fewer options by the time …


Who Benefits from a Loan Modification?

The loan modification is a popular option for homeowners who are struggling to make their mortgage each month. They are a viable alternative to foreclosure, short sales and refinancing. In today’s market there are a high number of foreclosures and lenders that want to help homeowners stay in their homes and avoid foreclosure. Is a loan modification a good option for you? First, you need …


Is a Loan Modification a Good Idea or a Bad Idea?

Are you significantly behind on your mortgage? Have you been asked by a customer service representative if you would like to apply for a loan modification? If so, you’ll likely been told that being approved for a loan modification would lower your monthly payment and stop the incessant collection calls insisting that you catch up on your payments and bring your mortgage loan current. …


Are Banks Still Working with Homeowners on Loan Modifications?

Most homeowners were well aware that lenders were willing to work with homeowners by any means necessary after the housing market crashed. But that was a decade ago. Are lenders still willing to work with homeowners who are struggling to make their monthly payment? Do banks still consider approving loan modifications for homeowners who need the help? The answer is yes.

If your home is …


In the News: Wells Fargo Software Glitch Causes 545 Foreclosures

In the News: Did you know that a calculation error can cost you your home? At least that’s the case with 545 of Wells Fargo’s borrowers. The mistaken home foreclosure issue has been all over the news and homeowners aren’t sure what to think.

The 545 mistaken home foreclosures occurred throughout the past eight years. The number of mistaken home foreclosures was previously estimated at …


How Does a Loan Modification Benefit the Lender?

Have you ever wondered how a lender benefits from a loan modification? They must benefit – if they didn’t, they would have no reason to approve loan modifications and they are a common practice. So, what does your lender get out of it? Why should you expect them to approve your loan modification application?

How Do Loan Modifications Benefit Lenders?

  1. HAMP: Your lender may

What is the Difference Between a Loan Modification and a Mortgage Refinance?

Homeowners who cannot afford their mortgage payment or know that they will soon be unable to regularly make their mortgage payment typically need to hear their options. The quest to resolving the situation often starts at refinancing. This quickly leads struggling homeowners to considering loan modifications.

Looking at Refinancing and Loan Modification: What’s the Difference?

Refinancing will replace the existing mortgage with a new …


Why Would a Lender Approve a Loan Modification?

Many homeowners struggling with their monthly payment seek a loan modification. When a loan modification is approved most homeowners will see a reduction in the amount of their monthly payment. Some will see a reduction in their interest rate, the loan term or even a reduction of principal. It’s easy to see how a loan modification would be a benefit to homeowners, but how …

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