Article by Hayley Harrison, Former Branch Manager and lending officer for a community bank
A loan modification changes the terms of your mortgage to make your payments more affordable. When you fall behind on your mortgage, the best time to start talking about a loan modification is before the foreclosure process begins, though this is not always possible. If you're already in the midst of foreclosure, there still may be... Read more →
Article by Hayley Harrison, Former Branch Manager and lending officer for a community bank
If you're in danger of losing your home due to a foreclosure, you likely feel as if you're at the mercy of your lender. Even if your lender offers you an alternative to foreclosure, such as a loan modification, it can be difficult to know how to proceed. An attorney can serve as a valuable partner during this confusing and... Read more →
Article by Hayley Harrison, Former Branch Manager and lending officer for a community bank
Loan modifications offer a lifeline to homeowners drowning in unpaid mortgage debt, but lenders will not always accept loan modification applications. If you find yourself facing a turned-down application, you need to act quickly, but wisely, to prevent foreclosure.
Enlist Help
The foreclosure process varies in every state, but... Read more →
In June 2011, approximately 9.2 percent of all U.S. residents were unemployed, reports the U.S. Bureau of Labor Statistics. If you're among those dealing with the effects of a job loss, making payments on your mortgage could prove difficult. Fortunately, loan modification programs for the unemployed exist to help you avoid foreclosure.
What Is a Loan Modification?
For lenders, foreclosing on a home is a costly process;... Read more →
Article by Hayley Harrison, Former Branch Manager and lending officer for a community bank
Often, people who receive loan modifications during financial hardships regain their financial stability. If you're among those who benefited from a modification and you've found a new job in another city or are ready to move to a different home, you may wonder just how your previous modification will affect the sale. How much of an... Read more →
Article by Hayley Harrison, Former Branch Manager and lending officer for a community bank
Once you fall behind on your car or home loan, it's difficult to recover. Because every missed payment brings you closer to losing your car to repossession or your home to foreclosure, it's important to take action quickly. You may feel as if you have few options; however, most lenders do not want to seize your personal property,... Read more →
