A “Loan Modification”,...Is a change to the terms of an existing mortgage loan made by the lender when a borrower's long-term ability to repay the loan is in doubt.
Most Loan modifications are a reduction in the interest rate on the loan, an extension of the length of the term of the loan, a different type of loan or all of the above.
Most mortgage companies are open to modifying a loan because the cost of a modification is much less than their cost in a foreclosure.
Because we are concerned about all your mortgage needs we work with our friends at Professional Loss Mitigation Services,... creators of “The Loan Modification Manual”, A step by step guide for just $99, to help people who may be in a bad loan and/or in danger of foreclosure.
Like a Mortgage Refinance a Loan Modification could:
- Save you tens of thousands of dollars over the life of your loan
- Save your home from foreclosure
- Give you a lower monthly payment to get through lean or challenging times
- Reduce your Stress Level and eliminate the Fear Factor
- Reduce your Mortgage Payment
- Give you time to sell your home in an orderly fashion
- Give you time to get back on your feet
However Loan Modifications and foreclosure proceedings are extremely, time sensitive:
- Those who act at the 1st signs of trouble have the highest rate of success in obtaining a loan modification
- Those who wait until foreclosure proceedings have started are almost always too late
- If you are more than a month behind on your mortgage payment the time to act is NOW!!
Loss Mitigation simply means that one tries to limit/mitigate one’s losses. Your Lender/Servicer, is not interested in putting a Band-Aid on the problem. Solving the problem for a few months or even a year may not be in your best interest. With a guide like The PLMS, Loan Modification Manual you can enter into an agreement that benefits you not only in the short term but in the long term.
There are many types of loan modification agreements:
- Loan Modification: Interest Rate Reduction
- Loan Modification: Term Extension
- Loan Modification: Payment Deferral
- Loan Modification: Principal Reduction and Recasting of the Loan
- Loan Modification: Arrearages added to principal due upon sale.
There are hundreds of ways to modify your loan and based upon your special circumstances, The Loan Modification Manual will help you create a plan that meets your needs as well as the Lenders criteria.
To contact PLMS directly, go to http://loanmodificationshq,com
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