| Do it yourself Loan mod!!! We also buy houses for cash !! |
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Ad Information |
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| Classified Id |
JCHDYRMC |
| Asking Price |
$ 30.00 USD per item or Make offer |
| Quantity |
1 item (new condition) |
| Tax |
Taxes are not applicable |
| Shipping & Handling |
| Seller will ship to the United States Only | |
| Shipping cost is not applicable |
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| Payment Terms |
| Payment in advance only |
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| Seller accepts: |
 Cash |
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| Renewed Date | 11-Sep-2009 05:30:28 PM EST |
| Expiration Date |
10-Nov-2009 05:30:28 PM EST |
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Classified Details |
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Many people want and need to know, "What is a Loan Modification", and how can this help me solve my mortgage problems? Well that is a great question, and the answer is very simple. First of all, let me explain what a Loan Modification is.
A Loan Modification is simply when a property owner negotiates with their lender, and gets their lender to agree to reduce their interest rate and many times their principal, to an amount that is reflective of the borrowers current income.
For example in 2004, you and your spouse, want to buy your dream home in Las Vegas, I mean you both have great jobs, you are a sales person who makes $6,000 per month and you spouse brings in $5,000 as a teacher. You go shopping for a mortgage and since you have been paying your bills on time and you have 10% to put down, you qualify for a sub-prime loan.
So after some shopping you secure a $200,000 loan at 3% for 3 years, which will adjust upwards to 9% after the 3 year period. With such "favorable financing" you take out the loan, buy the house and start adding your finishing touches to it.
But uh-oh! Joe inflation is about o go on a much needed vacation and around 2007 your property value aint what it used to be. Now, instead of the property being worth $275,000 (inflated price!) The value has dropped back down between $175,000-200,000, yep right where is was when you bought it.
Job losses, Foreclosures, poor tradiing policies, almost no regulation/oversight by the federal government, jobs being shipped over seas, I maen this is not the same real estate market it was in 2002. But you say, "oh well this is real estate, housing always comes out on top. But wait! who said your job had an invisible shield around it?
Your company begins laying off and you just happen to be one of the unfortunate ones who get the pink slip. You get into deep financial trouble and you dont know when you be able to get back on your feet. Your spouse still as thier job but one income is not going to cut it with all the expenses coming in.
So, you need to do something to avoid making things worse. You cant afford to make payments on a $200,000 mortgage anymore with an interest rate of 9%. Therefore the solution to this problem could be one of a few:
1) Try to sell the house for what you owe on it
2) Do a Loan Modification based on your current income
3) Do a shortsale and risk making your credit worse than it already is, and also have to find another home to move to.
4) Rent out the property for close to what the PITI (Prncipal, interest, taxes and insurance) is and hope that you will be able to cover the difference.
Now, the reality is that you , like most people want to keep your home, not sell it. So 1,3,and 4 are out the question. So, with being said, you call up your attorney and request help with modifying your loan. Your trusted attorney say "sure i will help, but you will have to pay me $3,500 for my services. That will be $500 down and the balance in equal monthly installments.
Wow! what a great attorney, but the only problem is that you barely have enough to make your mortgage, so how in the world can you afford to pay thousands to lower you payments?
What is a homeowner to do? Well, the truth is that most people are able to modify their loans without the help of an attorney, or loan mod company and reduce their interest and many times the principal, by just using common sense, the proper documents, and some everyday phone skills and courtesy.
The solution to this problem may be buying a LOAN MODIFICATION KIT, In this kit, you will have access to everything you need to do a loan mod. As a result of doing what the kit says, you get your loan modified, without having to pay an arm and a leg. Resulting in the following:
1) You get to keep your home
2) You lower your payments, via interest rate and principal reduction, in accordance with your current income.
3) You get a fresh start and when the market comes back in a few years you will be able to sell for a nive profit.
Now heres the issue, where do you find the right Loan Modification Kit? Well there are some good ones out there, many people are using DIY Loan Mod kit, and this can be found at many different places. It may be in your best interest to use a kit opposed to shelling out hundreds, sometimes thousands of dollars to a company because many times, the company still cant get the loan modified and you not only get into more trouble with lender, but you also lose you money you paid the company to do something you could have done yourself.
Worst case scenario, you dont get your loan modified using the DIY KIT, but that is better than losing thousands. Every persons situation is different and most people will be able to get thier loan modified with the right information. And another great thing about the DIY KIT is that it has a money back guarantee. So if you dont think it will work for you, just request a refund and try something else.
You never no if you will have success unless you take action!!!
Good luck to your and your family and much success.
THIS ARTICLE WAS WRITTEN BY R.L. PARKER WHOSE COMPANY IS LOCATED IN CHICAGO, IL AND WHOSE CONTACT INFO IS 773-457-3857 OR VISIT US AT |
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