Is Loan Modification for You?
Sunday, January 18th, 2009There are many folks who are carrying “at risk” loans that are due to reset in the next year or two. At risk loans are typically adjustable rate mortgages (ARM) with 20% or less down-payment or a loan with a balloon payment in 2 to 5 years or option AMR’s where less than full payment is being made. Another type of “at risk” loan is where the mortgage holder is faced with a hardship such as job loss, job transfer, divorce, a health issue where mortgagee is unable to work and using credit cards or savings/401k reserves to make mortgage payments . A hardship could also be a “loan product” problem. As everyone is a unique individual, every hardship is unique as well. If you are struggling with your payment, seek help!
In all of these cases the mortgage holder should ask the lender’s customer service department about their loan modification policy. Make an appointment to meet with the lender’s representative to explain your hardship and request the lender’s help in modifying the terms of the loan. It is so important to get expert mortgage advice. If you are having difficulty paying the mortgage, help is available. And, that help may become even more available in the coming months as Congress is voting to secure funds to assist the struggling homeowner. Don’t wait to seek help.
I can provide you with valuable contact information if you cannot get your lender to listen to you. Right now, all lenders are overwhelmed and are slow to respond. Be persistent. It may also be beneficial to talk to your tax adviser. Know your options and make informed decisions.
Call me for a FREE consultation. Find out about the “new rules” of real estate with no obligation. I can be reached at 714-932-5529 or email me at pat@patmonahan.com
