If you are short on your house payment each month, one of the things you should consider is asking your lender to modify your mortgage. A mortgage loan modification is a good way to change the terms of your mortgage, without having to go through the requirements of a refinance. In a mortgage modification your current lender will re-write your loan, giving you a lower rate and other beneficial terms. When your house payment drops, you have more money at your disposal to pay other bills or are simply put in a better position to be able to make your house payment.
A lower payment is always a good incentive to seek a modification of your mortgage. But, there are other benefits you will enjoy when your lender agrees to a modification, and three good reasons to do a mortgage modification are:
• When your payment is more manageable, you are able to pay on time and avoid late fees and additional interest.
• On time payments also help your credit score improve, which could mean better rates on some of your other loans. When your payment history is good on one loan, it has a ripple effect on the rest of your credit. The more things you can pay on time, the better your credit score will be and this means more favorable loan terms for your future lending needs.
• A modification can resolve a pending foreclosure. If you are facing a foreclosure, you should ask for a modification. Due to the concept of dual tracking, your lender is not allowed to continue a foreclosure action when you have an active modification request in the works.
In order to get a modification of your mortgage all you have to do is ask your lender. Well, that and fill out an application and then stay on top of the follow up status of that application. Many lenders are quick to send you the required application form, but then drag their feet in processing the request. But with our help you can get quick answers, and a result that meets your needs. If you are struggling to pay your house payment, call us for help.
For more information about mortgage loan modifications and how they can help you, contact us today at www.DsouzaLegalGroup.com. We will go over the facts of your case and let you you’re your next step.