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Save a Bundle On Your Mortgage ... Now!

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Momlogic's financial expert Danielle Hoston: Believe it or not, lenders do NOT want to foreclose on homeowners. In addition to the significant loss of mortgage income involved with a foreclosure, lenders also incur legal fees, potential repair costs, real estate commissions, transfer taxes, and countless other fees. In an effort to avoid potential future foreclosures, many lenders are awarding loan modifications to homeowners in financial distress even before they've missed a payment.

Mortgage File

These costs and a steadily decreasing market are causing many lenders to take significant losses on foreclosures and they are realistically anticipating more in 2009 and 2010.

And let's face it... it's time to be realistic! If you are currently having trouble making your mortgage payments or anticipate that you may soon have difficulty, you MUST be proactive and take advantage of the political push to modify home loans now so that you will be able to afford your payment.

Here's what you need to do TODAY:
1. Know and understand the terms
, rates and due date of your current adjustable home loan.

2. Be honest with yourself about your current financial state and ability to withstand a rate adjustment when it is due or when interest rates increase.

3. Start your loan modification TODAY by contacting your lender's loss mitigation department OR hire someone that specializes in this field.

It is my personal opinion that this is potentially a VERY small window of opportunity and will only be available to borrowers for as long as the political climate is sensitive to borrower's financial needs. Loan programs are changing constantly and there is no guarantee that borrowers will be able to renegotiate the terms of their loans.

MARK MY WORDS... the time to act is not now... it's right now.

So here's the catch... this will not necessarily be a "fun" process and it's not guaranteed to be awarded. Every lender is different and has different underwriting standards. For this reason, I suggest contacting people who specialize in this field and getting several expert opinions on the likelihood of your lender awarding your loan modification based on your specific financial situation. Please be advised to beware of companies that are looking to charge you exorbitant amounts of money for this service.

Don't be discouraged! Many loan modifications are being awarded every day and people are enjoying the benefits of a lower interest rate and payment, a longer term (up to 30 years!), and a little better night's sleep. You can do the same! Start the process today!

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56 comments so far | Post a comment now
Anonymous November 20, 2008, 5:56 PM

If people would live within their means and NOT buy houses they cannot afford they wouldn’t have mortgage problems to begin with.

Greg  November 20, 2008, 5:56 PM

Wow that is one hot chick who wrote this article!

James Motherf*ckin Marsh November 20, 2008, 6:22 PM

This woman is on her game! Knows a whole lot more about finances than me… probably because im broke as a joke… I’ll have to start reading this every week.

So… I shouldn’t have got that loan out for the Plasma in my half a bedroom hut? …but its like the movies son! THE MOVIES!

Megan November 20, 2008, 6:34 PM

Yes I know, get in touch with him and tell him Jason (from high school) referred you to him. They are a family owned company ( )and they built me dads home for him several years ago, they can for sure help you build your house again.

Good Luck

Nik November 20, 2008, 7:18 PM

Great advice! I am passing this on to all the homeowners I know! And yes, I agree with Anonymous, however in hindsight, I am sure those people wish they had.

Danielle is on the money though, the political climate is VERY sensitive to homeowners….get the help while you can people!

Courtney November 20, 2008, 7:36 PM

This will help many. Great practical advice and just at the right time too!

Triniman76 November 20, 2008, 7:49 PM

Wow. Thanks Danielle, I own a home and I’m going through this predicament like alot of other people and this advice is invaluable. If this ends up helping me save my house I’ll owe you one.

Brandon Carlton November 20, 2008, 8:37 PM

Great advice!!! I would love to hear your advice on other finace topics.

Brandon Carlton November 20, 2008, 9:37 PM

I meant

Misty November 21, 2008, 9:19 AM

Some people are in this predicament not because they purchased a house they couldn’t afford, but they got laid off… let’s face the facts. People are being laid off everywhere and it is so hard to find a job. Be considerate… some people are in this situation at no fault of their own.

Anonymous November 21, 2008, 9:52 AM

How about some people are just bad with money?

maryam kazemi November 21, 2008, 2:16 PM

Not only many people who purchased homes lost their jobs but got into loans that were not very smart and not really to their benefit and in result when mortgage rates went up the amount of the mortgage payment also went up and that’s where everyone really started to feel the pinch But I also recommend to everyone in that predicament to consider a loan modification. In the long run it is to your benefit and you get to keep your home you have worked so hard for…

Jerwayne Ellis November 21, 2008, 2:55 PM

I know many people in that exact predicament. They signed bad loans and when the mortgate rates rose they were already living check to check and could not handle the increased payments. And yes a lot of people are just bad with money or were never taught.

My parents never had coming up. So I was never taught to be responsible with money. So now that I am doing alright for myself I am basically having to learn on my own through trial and error and lots of research.

beachdude November 23, 2008, 1:05 PM

Loan modification is a process whereby a home owner’s mortgage is modified and both the lender and homeowner are bound by the new terms of the new mortgage. The most common loan modifications are listed below:

lowering the mortgage interest rate
reducing the mortgage principal balance
fixing adjustable interest rates within the mortgage
increasing the loan term throughout the mortgage
forgiveness of payment defaults and fees
or any combination of the above

A loan modification is a permanent change in one or more of the terms of a mortgagor’s loan, it allows the mortgage loan to be reinstated and results in a payment the mortgagor can afford.

Check out our Public site at http://LOANMODIFICATIONMORTGAGE.ORG

Gilbert December 31, 2008, 12:26 PM

Thanks Danielle,
I have taken your advice and hired a Law Center who deals with this type of situation. It does cost some $$ but it is worth the peace of mind that my family and I will not have to move after all. I battled Cancer for the better part of a year and now find myself on SSDI. It’s just not enough to make it. The Lucas Law Center is were I was directed and so far so good.


kay January 12, 2009, 8:51 PM

Looking for hard money on purchase. 65%on appraisal. Quick closing.

Mortgage Loan Modification July 28, 2009, 3:35 AM

Thanks for posting this info article.

payday loans canada December 18, 2009, 1:36 PM

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Fashion Merchandising October 12, 2010, 1:58 PM

I like this site, clean design! is it a template?

FlorenceTerrell25 November 19, 2010, 5:34 AM

I strictly recommend not to wait until you get big sum of cash to order goods! You can just take the personal loans or just financial loan and feel comfortable

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