Due to the financial crisis that is gripping the country, millions of families have already lost their homes to foreclosures. Even if you are struggling to keep your home loan payments, you do not have to be one of the people whose homes have been foreclosed. With mortgage modification, there is still a way for [...]
A home loan modification is when your lender modifies your current mortgage note in order to work with you because you are facing some kind of hardship. The main purpose of a loan restructure is to help make your loan more affordable based on your current financial position. The modification will be in the form [...]
Florida, California, and Arizona together accounted for more than half of the nation’s foreclosure activity.
California cities accounted for eight of the top 10 metro foreclosure rates out of the 230 metro areas tracked in August of 2008. Some of the hard hit cities in California are:
Stockton
California
Florida
Merced
Modesto
Vallejo
Fairfield
Riverside
San Bernadino
Bakersfield
Salinas
Monterey
Stockton was No. 1, with one in every 50 [...]
What is a Loan Modification?
A Loan Modification is a permanent change in one or more of the terms of a mortgagor’s loan, this allows the loan to be reinstated, and bring their mortgage payment so that it is affordable.
Here is some terminology you should familiarize yourself with before doing a loan modification.
Repayment Plan
If you [...]
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