| It is a good question and has a simple answer. Due to | | | | needed to go to court, would you go alone? Of course |
| the major changes in lending over the past two years, | | | | not! Having legal representation in a court room |
| it has become more difficult for consumers to | | | | ensures, prepares and gives you the confidence that |
| refinance. In addition, factors such as credit, loss of a | | | | you have taken all the necessary steps to ensure the |
| job and no home equity have made the problem even | | | | best outcome. The same principle applies here. |
| worse. | | | | Remember, your lender is only looking out for their |
| Right now, it's impossible to get a mortgage if you are | | | | best interest, not yours. Much like in a court room, if |
| not working. When you apply for a loan, your bank will | | | | you are not prepared, you are not going to be happy |
| evaluate your credit, income and home equity. If you | | | | with the outcome. |
| meet all the criteria, your employment is next. The | | | | The process of qualifying for a loan modification is |
| underwriter or the decision maker will look at several | | | | completely different than that used for a refinance. |
| things including length of time with your current | | | | Credit, income, equity in your home and employment |
| employer, the gaps between jobs and whether your | | | | are evaluated differently. In addition, your hardship is |
| current job is related to your previous one. It is for | | | | given great consideration. Although it may seem like a |
| these reasons that refinancing does not work or is | | | | simple process, it's not. To make matters even more |
| ineffective for many homeowners as the economy | | | | complicated, the 'rules' and guidelines chance |
| has affected everybody negatively in some way. | | | | constantly. Many of the Banks are understaffed and |
| So what is the best solution for a person who has lost | | | | can't handle the influx of consumer inquiries. This |
| his job and looking to negotiate a lower mortgage | | | | creates confusion and mistakes. |
| rate? A loan modification is the answer. It has the | | | | A good loan modification company already has |
| same benefits as a refinance. The results are | | | | established relationships with almost ever lender. They |
| permanent and qualifying is more relaxed. Although the | | | | know who to call and how to avoid the maze of |
| process can be done directly with the bank, many | | | | customer service representatives. In addition, through |
| homeowners are discovering that they can achieve | | | | experience and repetition they know exactly how to |
| far better results by hiring a professionally qualified loan | | | | build a successful modification plan for you and one |
| modification company. | | | | that will be approved quickly. Your home is the focal |
| Although banks have become more agreeable to loan | | | | point of your life, and such an important task should not |
| modifications, you must present a very strong, solid | | | | be done without professional help. |
| case to not only ensure success, but to maximize your | | | | So, if you are wondering about how to negotiate a |
| payment reduction. The best way to do that is by | | | | mortgage refinance when you've lost your job, don't |
| using a reputable company. Think of it this way. If you | | | | worry, just modify your loan. |
| have ever encountered a serious situation in which you | | | | |