If you have been watching the financial news as of late, you know about the government plan to help the economy recover. The plan provides $75 million to help millions of homeowners facing foreclosure avoid it. The Homeowner Affordability and Stability Plan (HASP) provides this assistance through a loan modification. This may sound too good to be true and you may be wondering whether or not a mortgage modification is legitimate. In short, the answer is yes, if they are completed through the lending institution that holds your mortgage.
With the HASP, a lender can permanently alter the borrower's mortgage. The mortgage terms can be altered so that the interest rate is lower or the term of the loan can be extended. Each situation is unique, so the lending institutions evaluate which terms should be altered on a case-by-case basis.
Does this sound too good to be true? Well it isn't. A loan modification is not legitimate when a lender or attorney makes claims to fix financial distress with extra fees. Be aware that there are individuals who are trying to profit from homeowners' distress in the current economic climate. Such organizations promising to eliminate your financial hardship are claiming to do so with set fees that only serve to line their pockets and take more out of yours.
The safest way to ensure you obtain a legitimate mortgage modification is to contact the lending institution that currently holds your mortgage. They will evaluate your situation to determine if you are eligible.
Not all homeowners qualify for loan modifications. Some are not eligible, while others do not follow lender guidelines. The best way to increase your chance of successfully modifying your home loan is to get a do it yourself loan modification kit.
One such kit is 60 minute loan modification. It includes everything you will need in order to successfully modify your mortgage, such as a professional hardship letter outline, and contact information of all the major lenders. The kit is a must have for any homeowner who is struggling and thinking of modifying their home loan.
With the HASP, a lender can permanently alter the borrower's mortgage. The mortgage terms can be altered so that the interest rate is lower or the term of the loan can be extended. Each situation is unique, so the lending institutions evaluate which terms should be altered on a case-by-case basis.
Does this sound too good to be true? Well it isn't. A loan modification is not legitimate when a lender or attorney makes claims to fix financial distress with extra fees. Be aware that there are individuals who are trying to profit from homeowners' distress in the current economic climate. Such organizations promising to eliminate your financial hardship are claiming to do so with set fees that only serve to line their pockets and take more out of yours.
The safest way to ensure you obtain a legitimate mortgage modification is to contact the lending institution that currently holds your mortgage. They will evaluate your situation to determine if you are eligible.
Not all homeowners qualify for loan modifications. Some are not eligible, while others do not follow lender guidelines. The best way to increase your chance of successfully modifying your home loan is to get a do it yourself loan modification kit.
One such kit is 60 minute loan modification. It includes everything you will need in order to successfully modify your mortgage, such as a professional hardship letter outline, and contact information of all the major lenders. The kit is a must have for any homeowner who is struggling and thinking of modifying their home loan.
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